I bought a 93 Z28 yesterday that I intend on doing a buildup on. I was told it had a bad head gasket. I checked the oil and there is no detectable presense of water in the oil so I was going to take my time and just do a head gasket swap and then drive it on to the house when I felt like it was ready. However today I started it up and let it run for 3 minutes or so to get a feel of what all was wrong with the engine. I have a feeling that it has old fuel in it (fuel delivery problem) and when I went to the rear of the car the garage floor had two drops of motor oil on it that had come from the tailpipes.

What can you make of this?

 

sounds like bad/worn rings? Have you tested the compression of the cylinders?

 

I saw re-sell that sucker and don't touch it.

 

Well, I'd have to agree with the rings assumption. I hadn't even thought about that. I am going to pull the motor in favor of a small block 406 and use it as a street bruiser and keep the LT1 for a backup in case things go to hell with my 97. lol Hey, you never know.