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2002tii rebuild

 
With Winter finally here, I have a couple of months where the '02 can rest. I'm
toying with the idea of pulling the engine and transmission. 

 Engine throws a little smoke under hard acceleration, I guess the rings need
replacing, probably some other stuff as well. I won't know until I'm in there.

 I don't really want to 'build' the engine, just refurbish it, get it back to 
nearer original shape. (Well of course quicken it a little.) As far as I can
tell, the car has about 100-120k on original equipment. 

 What other problems should I look for while I have this machine apart, and what 
other stuff should I replace as a matter of course ?

 The transmission (4 speed) needs 2nd gear syncro. I can get a rebuilt 4 speed
for, I think, about $300 with my trade in. I have done some transmission work in
the past, not on this particular type of transmission, well unless you count the
one that a friend gave me to experiment on, it happens to be apart on the bench.
It looks to be pretty easy to work on, but, I'm no expert. 

 Would it be worth my while to tear down the transmission and rebuild it myself,
in which case what should I look for here in addition to bearings and syncros, 
or is the $300 a fair price to pay for someone else to do the work ? I assume 
that this rebuild addresses the 'normal' transmission problems for this type of
transmission. 

 I would appreciate any and all advice, comments, laughter, and good wishes.

luck to all

Michael

'89 325ix
'72 2002tii