My hard top Formula has a dead engine with a bad knock and low oil pressure. So far, I have removed some small bits off of it to put on my t-t-top Formula, but have really not molested it too badly because I was unsure of what to do with it.
My first inclination is just to keep it for parts. The chassis has 168K miles on it, but I have replaced a lot of stuff over the years, and as such it has a lot of good parts on it despite the age. Since both cars are mostly identical (except for transmission), everything on it is potentially usable.
That said, I just do not have a storage facility for it and it is sitting outside. Since it is outside, I have to leave it registered and insured. So it is costing me to keep it.
So the next thought through my head was to see if I could find a taker who might want a mostly rust free, solid chassis, or just scrap it to get rid of it. Other than the engine, it is in fairly good condition for a Fiero. Especially in the northeast. It isn't perfect, could use paint, but scrapping it would be a shame too.
So... I am wondering if I should just go ahead and try to replace the engine myself. I have read through some threads here, and it sounds challenging but not insurmountable. I have never done any such project, but I have done nearly all my work on the car the 13 years I have owned it, and have some ability to work under the hood.
I was thinking I could do a close to stock replacement, maybe put in a 3.1 or 3.4, or send my block out to be bored and stroked. A swap sounds interesting too, although I think I would want to keep it a little more straight forward the first time out. It would be enough of a learning experience without adding the complication of the customization with fitting and installing a non-stock sized motor. I also already have money in a set of new heads for it (engine didn't knock until after heads were installed, and I suspect that we somehow hurt the bottom end doing the head install. How, I am not sure).
I am aprehensive about that size of a project too, and how realistic it is. I would need a way to raise the car and get the engine out, which is the biggest hurtle. Then, just getting everything apart, and back together correctly. I could take the time to do it carefully, I do not need the car at all....
I just hate to be paying to have a dead car on the road.