I would not assume the cylinders were pitted. I'd have a look at them with the scope. I'd think with the wide variation that you have problems related to the valves.

I agree with Barry, try to get it started and run it for awhile. ....and if it has been veggied I'd pass on it.

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[SIGPIC] Diesel loving autocrossing grandpa Architect. 08 Dodge 3/4 ton with Cummins & six speed; I have had about 35 benzes. I have a 39 Studebaker Coupe Express pickup in which I have had installed a 617 turbo and a five speed manual.[SIGPIC]

..I also have a 427 Cobra replica with an aluminum chassis.