Engine knock diagnostic suggestions

Anyone want to wager how many miles it'll run that way? I'm tempted to pull the head and oil pan, pull the rods, and just slap in new pistons and rings, but I'm also tempted to just swap in another motor
Put a lot of pistons in those thing back in the day. If the cylinder isn't too bad just stuff one in there. Those thing don't have any piston skirt anyway so they are always noisy.