Possible Engine Rebuild! Thoughts PLEASE.
Here's the situation...forgive me for the long story, but it might be necessary.
I've got a 69 camaro that I have been working on for a few years now and just finished it a few weeks ago. I purchased tags for it and was able to drive it for pretty much the first time ever. After about a 30 min. drive, white smoke started boiling out of the driver side tail pipe. After a few posts here on TC and after taking the engine apart I realized it was a blown head gasket which was blown in two different places.
note: the motor was "complete" and ran when I purchased the car.
Working on a motor is a complete learning curve for me. I removed the heads and intake manifold and took them to a machinist, who i was referred to. The heads did not have a crack but he said they were trash. They were peanut heads from a 454 Big Block '72 truck. The intake is a GM 3933163 dual plane manifold (which he said was very good). The machinist for some reason thought that I had a 427 but I informed him that I had a 454 big block. He told me to get the piston numbers to him.
So, I went home and gave him the numbers 7011P - 060. He told me that they were 427 pistons bored 60 over. Then I gave him the block number 3999289 & D-11-72, which then he told me was a 454 block from 1972. He also told me that the compression ratio is 10.9 - 1 and 2323 PRW (not sure what that means).
At this point I was confused but he talked me through it. The machinist then added that I probably have a steel crank shaft. He also was suggesting that I rebuild the motor since I have no idea what I have on the bottom...
NOW, here is my question. What would you do? I really dont have the money to rebuild it, but I could get it through a loan. However, I do have enough to get cast iron oval port heads and an edelbrock intake to match. The machinist said cast iron heads and an intake, ready to go from him, would be around $1000. He said for me to get the motor rebuilt would be around $2500 - $3000. He also suggested that I get a new cam if i do not rebuild, and that would be an additional $500 (for a "great" cam, lifters, time chain, etc.)
Would me purchasing JUST the heads, cam, and intake be a possible waste down the road? Or is a rebuild even necessary?
Any suggestions?? Thoughts??
Thanks for your help.