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If it's really all original, I'd find the means to pull it out, replace all the plugs, valve stem seals, and for sure the plastic timing gear and chain set too.






127K miles... the plastic timing gear does need a replacement too.
I took mine out on a Sat morning and put it back in on Sun and was driving it Sun nite. Knowsnothing is right, I found all kinds of gunk in the water jackets that I pressure washed out. Cleaned out my oil pan while I was at it. It's easier to remove tranny and motor at the same time. I also put a new front seal in my tranny while I was at it.
I built this motor in 1986 and installed steel freeze plugs at that time. So it took about twenty years for them to rust out. This time I replaced them with brass, so hopefully it and me will be around for another twenty years.