New daily driver

Why not do a compression test and then pull it out and check the bearings? You can get a refresh kit from Mancini racing for $200 with rings, rod bearings, main bearings, and gasket kit. Then a valve job if needed and you're ready to go.

http://chucker54.stores.yahoo.net/sealedpowerkit.html

Here are more kits:

http://chucker54.stores.yahoo.net/enrebkit.html