Hi Tony,
My best advice to you is to give Allan or Gav Walker a ring at Jacobson's Automotive Engineering in Bundy. 07 4151 3036. They are close to you and I believe that they are well qualified to rebuild/repair your engine. BTW, Alan and Gav are well known engine rebuilders in the Aussi MV fraternity. They also organise the Bundy Amphib swim happening in June (Although I have had no word if the floods may force a cancellation this year). Do I have some connection with them
, Yes, at the mo' I am having my Studebaker Weasel engine rebuilt by them (just waiting for a NOS crank out of Europe) and somehow we got to talking about Ford V8's and Alan did say that they can be very expensive to rebuild. From past experience I would steer clear of Repco Engine shops. Good for mass reconditioning but not so good on specialist one off tasks.
Good luck with your end decsion.
Cheers
John W.