Kane,

I have quite some experience with the M119. Piston slap? NO. When you did your diagnosis, was the serpentine belt off? Make sure it is, and trace the noise, if any. Chances are, its your timing chain. I have two cars with the M119, and they both make timing chain noises. One was even replaced, it did quiet it down a little, but low and behold, still did make the noise. Ive learned to live with it. To do the timing chain "right", there are MANY little rails and plastic pieces to be replaced. You could even get so anal to the point where you could replace the worn sprockets as well. At that mileage, I would just live with it. Just my 2cents.

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93 300D 2.5 Turbo, Black/Palomino 273K
09 E350 Black/Black 41K