318 timing chain.....and why the engine should come out.

You'll never know till you do it. BUT, if you put a good dingleberry hone on it with new rings, it for sure will not smoke. One way it might, one way it won't. I mean, you've torn it down this far. New rings, bearings, oil pump, timing set and camshaft (with matching springs) and lifters would be in my budget at this point. I know I just rattled off a lot of your money, but all that stuff at this point would be required if I was doing it. You don't want to have to pull it right back down, right?