white smoke, no start, no history, replace or rebuild?

[nkbr8ka]

Here's a little background...about 4 years ago I sold my 97 GS (only mods were i/h/e) to a friend of mine that lived out of town. After a couple years he told me that it wasn't running and he had parked it. We lost touch for a while, but he then asked me if I wanted to buy it back. I jumped at the chance to get it back for $150.

It sat at another guy's house for about a year and he claimed it was running (some) with a slight knock until he started it to move it and it redlined then died. He said he pulled the head and saw discoloration, but I don't know that to be truth. I trailered it home and checked a few things, made sure it had oil, coolant (didn't see chocolate milk), and timing belt was in tact. I noticed that the end of the dipstick tube that goes into the block is broken and bent, leaving a very small hole. I put a battery in it and attempted to start it. After a few tries, it started with an extremely rough idle and tons of white smoke coming out of the exhaust. I shut it off immediately.

I'm pretty sure the had gasket is cashed, but I don't know the condition of the rest of the motor because of the knock he said it had. My question to you guys with the experience is would my time, money, etc. be better spent on a new motor from somewhere like Kar King, Overbore, Howell or would it be better to attempt a rebuild?

Thanks in advance!

 

[r1991_4g63t]

would probably be better and cheaper to do a rebuild, especially if you can do it yourself

 

[nkbr8ka]

Thanks!