I just picked up a 1984 4x4 sr-5. It runs but will be needing major love before I feel comfortable to take it out into the N.F. I'm wondering what I should do with the engine and how I should approach spending time and money to make this rig bitchin. I don't know the history of it at all. The truck has decent power but reads 308,000 miles. The exterior is trashed - this is not a concern (see my profile pic). It leaks oil out of the front of the engine and thus the engine compartment is very dirty and full of oil - probably the oil seal on the oil pump. If the engine compression checks out O.K., should I just consider an engine overhaul (i.e. timing chain and front end gasket replasement) or would spending the extra money on a rebuilt or new engine be more efficient? I would hate to spend money and time on fixing up this motor if it's going to blow anytime soon. Also, the frame and suspension are very solid so I would hope to make this truck go for a while.

 

Where in Humbolt are you?? I am up in Trinidad.
Nice to see another Humboldt wheeler on here. I say do a compression test and determine what and/or is leaking oil. May just be the valve cover gasket. Cover all the components with plastic bags (distributer, electrical etc.) and degress the motor then look for where the oil is leaking.
Find out if the timing chain has been done and go from there.

 

I would do a complete gasket set and timing chain/tensioners. Do the water pump while you're at it. There is no reason these motors cant run 500k as long as you take care of them. Problem there is you don't know if the PO took care of it. When the engine is running look inside you oil cap and see if there is exhaust or smoke in there. Thats a good sign your rings are going, and it would be better to do a complete overhaul. Change all fluids, diffs, tranny, tcase, and flush radiator and you should be good to go. Of course plugs and wires are a good thing too. Welcome!

Lets see some pics.

 

Thanks a lot guys for your input. I'll take your advice. I'm in Mckinleyville, CA. I'll keep you posted

 

as mentioned, do a compression check and if that's okay, likely you won't need to rebuild it.
the oil leak is probably the main front seal. they're not that hard to replace: it means pulling the fan, belts and crankshaft pulley and of course the seal itself. and if the pulley has grooves worn in it, there are front seal kits that come with a sleeve that slides over the crank pulley.
Considering you don't know what, if anything, has been done to it, the timing chain should at least be checked to make sure the guides haven't broken. Easiest way to do that is to pull the valve cover off and look down inside on the distributor side (with a flashlight). If you see the guide, you're probably okay. If you see two grooves worn in the housing, you may have a problem waiting to happen and should probably pull the timing cover to check things out.
Otherwise a tune-up and fuel filter change and you shouldn't have many problems.