87 Turbo, 7M-GTE & R154
Thanks for the input! I'm not very worried about the block now. My suspicion is currently the head gasket. When I get home from college I'm going to use a coolant exhaust gas tester to see if it's the hg. If not I'm going to go sleuthing in the coolant system. The reason I was so eager for a rebuild is because I have been itching to through some wiseco pistons and new rods into it for a while now, so it made sense in my head. I now realize that I should address any problems with the engine or cooling system first. It would be a mistake to rebuild an engine, and then not have adequate cooling.Worst case scenario, 2005. Those things were plentiful back then.
Realistically speaking though, it's a solid deck, iron block engine. As others have pointed out, the head is more of a concern. It can be repaired if not level, at a machine shop, but the hardness of the head may be an issue if it got too hot.
As Doug points out, data is your friend here. Throwing parts at a problem without knowing what the problem actually is can be a great way to lighten one's wallet. In the case of the 1984 6M P-Type Mk2 I picked up in 2008, I had overheating issues. Started with replacing the cheap stuff, working on it and replacing parts that got progressively more expensive. Unfortunately in my case, it turned out to be a bad radiator. On the plus side, by the time the testing reflected that (because it was the only cooling system piece left) I had a fully new cooling system that gave me years of trouble free performance.