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Vanakin,
Other than your time you have nothing to lose - it hopefully will be an learning experience.
Once you have the existing engine apart it is tempting to start buying new parts to re-build it. If your not carefull you can spend as much in parts as a used working engine costs.
I have an 1992 Chevy Astro with the 4.3 engine with 163K miles. So far the engine has been trouble free. I had to rebuild the differential about 1 year ago. I replace it with a limited slip, it makes a big difference up here in the Chicago winters provided you learn to ease up on the throttle when the tires start to spin.
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Ray
1998 Mercedes E320, 200K Miles
2001 Acura 3.2TL, 178K Miles
1992 Chevy Astro, 205K Miles
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