Short history: Few months back a purchased a pretty worn out 1991 Toyota 4Runner with a 22RE motor, 5speed manuel transmission w/ 4X4, and 263,000 miles. I knew that it had a few issues before purchasing this truck for $2K such as burning oil and p/s fluid leak. I recently brought it to the shop to have the L/F axle boot and ball joint replaced. I had them check the engine compression since it seemed to have as much or less power than my '72 VW beetle and going up hill means dropping to 3rd gear. The cylenders tested at: 130, 130, 130, 90. From what I can tell and have been told, this truck has had basic top end rebuilds over its life but the bottom end is original with worn out piston rings and a few small leaks.
I purchased this truck as my commuter on the weekends, and since every month I drive a 500 mile round trip to visit family climbing from 4,300 ft elevation to 7,000 +. I don't see this motor lasting too much longer.
Plan A: Next month I plan on replacing the engine with a new (remanufactured) long block (22RE) from
Putney's. I was thinking about keeping it stock except for the cam. I'll be replacing the clutch, p/s pump (leaking), steering box (leaking), and all the other things people replace with a new motor.
Eventhough I plan on doing this soon I'm still in the research phase and have not made any final decisions or commitments. I thought it would be a good idea to see what you guys think before pulling the trigger. I'm about to put $4K into a $2k truck. Everything else seems to be in good condition (i.e. suspension, transmission, drivetrain, interior), there's no rust, body is in decent shape though the paint isn't. Since I purchased the truck 3 months ago I have: replaced all 4 tires ($750 for a set of new 10.5 MT tires), replaced leaking radiator with thermostat and hoses ($300), replaced failed battery ($180), replaced missing center console and damaged drivers seatbelt ($200), replaced cracked intake boot ($45), and changed the oil ($30). After this new engine swap is complete I'll have a very reliable 4Runner at the price of $7,500~.
My question: is it worth it to go through all this trouble and cost? Should I just get rid of it and start over with a decent used 4Runner with the money I get selling this 4Runner and the money I plan on spending on it? Is there a different route I should take in replacing/rebuilding the motor?
I know enough about cars to do the rebuild/swap myself (BMW tech for 5 years and have done a couple restores: '72 VW beetle and '74 BMW 2002). I'm currently recovering from surgery, my garage is too small for this type of work, and I don't have all the tools needed. I would love to do the rebuild myself and save some $$, but I really don't have the time and resources.
This is my only means of transpertation in the winter when I'm not working, so I wanted to do a quick order-swap so it'll be down for maybe a week or two at the most. Thanks for any opinions, ideas, or suggestions you may have for me.