Bad oil sample. engine decision help needed.

Neither....just put an LS in it!

 

I would start with reseal the intake and timing cover, and run it, see if it keeps drinking coolant.

Or go all out and rebuild it. If you're as picky as you say, have deep pockets and plan to quadruple what you originally thought it would cost.

 

Still buy them both. Give him back your 350 when you pull it.
Think like Jason Cook.

 

I dropped off the 72 350 at the machine shop yesterday. it is a low mileage motor out of a suncoupe, 32,000 miles according to the odometer. picked it up for $200.00, score! The coolant in my oil is not noticeable to the eye, not milky, I would have never known unless I sampled. God only knows how long it has been leaking, this is the first time I have sampled it, so I am not going to tear it apart. I am going to run it one more season while I build the second motor and swap out next winter.

Thank you guys for all the help.

 

My opinion. If you run the old 35o in your car, you are heading for a blown head gasket or a spun bearing. Of course you can change your head gaskets but by the time that's done you would be more halfway through your engine swap. Points to ponder, if you will.