I'm not too happy about where I'm at now, with this car. I paid a fair price for a running and driving '66 El Camino... and it's not that.
I decided to look into the engine oil pressure issue, ordered a Melling High Volume oil pump and oil pan gasket in preparation. I had the engine out on Wednesday and tore it down to see what the bottom end looks like. Some good news? It's a 4 bolt main, but the block, heads and crank are nothing special otherwise. I pulled the oil pump first then took it apart, the pump internals had some obvious galling and a point where it looked the pump gears have been scraping in places that shouldn't touch. After pulling the connecting rod caps, I found some scratches on one journal and 3 bearings that were scratched/beatup. On top of all that, there was signs of water/coolant inside the engine, by way of milky oil clinging to the inside of the valve covers. The engine oil itself looked OK, dirty for sure.... but not what I'd consider alarming. The engine could be put back together, but I'd be worried that the head gasket issue will either get worse or cause bigger problems. I could pull the heads and toss new head gaskets on, but if I'm doing that I also like to swap out the intake and carb for a square bore intake and Holley 3310 carb. But if I'm doing THAT, I should probably have the crank turned, toss new bearings in it and..... well.... do it right. That's a lot of work for an engine that probably makes 280-300 HP and sits in front of a TH350 with no OD.
So now I'm at a crossroads... I have a high-mile GM LM7 5.3 sitting in my shop. It was meant to be a parts engine for the aluminum L33 5.3 block and 241 Corvette heads, but I sold all those parts to
@Noahfecks just a few weeks ago. We've been talking and he's OK with my buying back the LM7 and building it for the El Camino. He'll still get the new L33 aluminum block and LS1 heads.
I would upgrade the cam in the LM7 ($550 for cam and springs), drop in a new oil pump and timing chain set and probably swap in a set of 4.8 pistons to bump the compression up to 10 to 1. With a tune, this combo should be good for 400 HP and that would be plenty in the El Camino for me. I would really like to step up to an Overdrive transmission at the same time and really want a 4L80E. I can get a rebuilt one for $1000, but would need a trans controller, too... that's $600. Wiring harness for the LM7 would be around $500, I hear I can run F-Body exhaust manifolds ($50) in this car rather than expensive LS Swap headers ($500), will need an LS Swap oil pan fur sure ($380).
So what is best, at this point? I don't think the seller is going to give me any money back... we're talking, but he's claiming ignorance on the engine issues but it's a complicated situation. He bought he car from family members 2 weeks before I bought it, put a new battery in and bleed the brakes. He's going to try see if they will help refunding some of the money.
The LM7 is going to be pretty complicated to get in and then running.... all the wiring, exhaust changes, electric fans, fuel pump, etc, etc. But it would be fuel injected, reliable and probably even pull down decent MPG's when combined with an OD transmission. The bad thing is that I'm not prepared for an LS swap right now, didn't expect the project and expense right now... I have more than enough going on currently. My shop is a mess, due to this unplanned work.