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Yes it has a problem..Started it up and had a smoke out from the right exhaust.Oil in water and water in oil. Maybe theseal between waterpump and oil pump.I pulled of the right head and found ring drag in the rear cylinder.I think I have either have a broken ring or a stuck or collapsed ring.Cylinders not scored but has a shinny area about 1/3 circumf. of the cylinder. I think I could pull engine ,split the case , and replace the piston and rings of that cylinder and fix the sharing of water and oil, And might get her going again. Or part it out, sell it, OR maybe buy a big boat cause I already have the anchor, just have to remove the wheels and seat..:D
 

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Sorry to hear that. Sounds like you have a lot of work ahead to get the engine back in shape. An alternative is to buy a used engine. If mine ever goes out that's more than likely what I'll do.
Jim(inSC)
 

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Oldwingpartsking.com All their engines were running when they took em off. I almost did it when my 81 hung a valve and the piston lost the fight. But I got an 82 instead and now I have parts. The higher the compression, the higher the price. But he said they were priced between $200 to $600. I thought that was pretty good.
 

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Cheaper ad easier to buy a replacement engine
 

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Did you do any compression/leakdown testing?
 
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