Howdy folks, first post here. I'm a 21 year old college student who knows how to change his oil and wire up some killer subs, not much more.

I have a 71 impala. I was driving home from school (200 miles away) last semester when my engine croaked on me, and my summer has been me working my butt off at two jobs to save cash for a repair.

Driving home with a car full of my apt junk I heard my engine knocking, at which point i immediately pulled over, then it started smoking. Quite a bit. I was a little past due for an oil change (not more than 2k though) and I still had oil, an autoshop would later tell me.

HERES MY QUESTION:
1. Should I attempt to rebuild the engine?
I have a hell of a personal mechanic who hasnt taken a look at it yet, but is an old salt whos been working on engines his whole life and is fairly confident we can get away with buying a crank kit and a few other parts. This is what I prefer because its cheaper and an excuse for me to take part in my first major engine job (yay!) I've ordered a repair manual for my car on ebay and should be in soon.

2. Let the mechanics rebuild it?
Most pricey

3. Buy a rebuilt/used engine?
From a website or junkyard? Wont be nearly as fun.

ALSO

Anything I need to be careful of, check for, remember to do? Everyone says the 350s are pretty basic and easy to work on, but i know very little.

Appreciate the time taken to read this and respond!  

Rebuilding an engine is not that difficult if you have a pretty good idea of how the engine works.

I would recommend buying a small block rebuild book to help you get started on your first build.  Read it before you begin taking the engine apart. Always do a complete teardown before you buy parts. If you are on a budget you can reuse most of your parts on your rebuild if they are not worn or cracked.

Always dissmantle the engine carefully inspecting every part that you remove carefully. This will tell you how much damage was done to your engine.

Also dont forget to mark your rods before removal so you will know which cylinder they were removed from. Also the direction the piston if you are going to use existing parts. Also once you get the engine completely apart you can tell what has been damaged, what can be repaired, and what needs to be replaced.

Next step you will want to take your block to a good machine shop to check for cracks, line bore, and decked. Also if you crank is slightly damaged on the journals a good machine shop can fix it. Also  once they hot tank the block the will install new freeze plugs, paint, and put new cam bearings in for you. Now I could go on and on no every step but if you get a how to rebuild small blcok book it will take you step by step.

I would recommentd taking your time on the rebuild. Don't get in a hurry, Don't drink beer during the assembly. And always check you tolerances and recheck them agian before finally assembly.

Also be realistic on what you want your engine to be, an street/strip, cruiser, more torque, etc. Then contact the people and CHP or Summit and have them match your parts, so you won't be dissapointed.

Good Luck.  

Rebuilding an engine is not that difficult if you have a pretty good idea of how the engine works.

I would recommend buying a small block rebuild book to help you get started on your first build.  Read it before you begin taking the engine apart. Always do a complete teardown before you buy parts. If you are on a budget you can reuse most of your parts on your rebuild if they are not worn or cracked.

Always dismantle the engine carefully inspecting every part that you remove carefully. This will tell you how much damage was done to your engine.

Also don’t forget to mark your rods before removal so you will know which cylinder they were removed from., also mark the direction the piston if you are going to use existing parts. Also once you get the engine completely apart you can tell what has been damaged, what can be repaired, and what needs to be replaced.

Next step you will want to take your block to a good machine shop to check for cracks, line bore, and decked. Also if you crank is slightly damaged on the journals a good machine shop can fix it. Also  once they hot tank the block the will install new freeze plugs, paint, and put new cam bearings in for you. Now I could go on and on no every step but if you get a how to rebuild small block book it will take you step by step.

I would recommend taking your time on the rebuild. Don't get in a hurry, don’t drink beer during the assembly. And always check you tolerances and recheck them again before finally assembly.

Also be realistic on what you want your engine to be, a street/strip, cruiser, more torque, etc. Then contact the people and CHP or Summit and have them match your parts, so you won't be disappointed.

Good Luck.  

Kind of depends on the extent of the damage to your engine. If the block was damaged it could create extra costs for machining or be beyond repair. The used engine may be better in this case for a foundation to rebuild. If enough of this adds up, a crate engine with a warranty starts looking better.  

like 87man suggested getting the small block chevy how to book (which is no doubt at autozone) should be your first investment, that way you can read through and see what your about to encounter and you will be ready for it and its all in text right there with you during your build.

the small block chevy is a very easy and basic engine to work on, it wont take you long to understand it, thats how simple it is. add ons is a different road to be taken, but still, if thats a future exception, knowing youve got a fresh 350, you should know where to begin when choosing your after market parts.

good luck  

If you're that excited about overhauling an engine by all means do it! Just do your homework so there is no critical errors - this is an incredibly intricate and complex piece of machinery here, it can be lost faster than it can be built...

Come back and ask some more specific questions once you get started.  

Hi. It's good to see young people like you interested in the hobby. I can remember being your age and having to rely on my dad and my more experienced friends when something like this would come my way. My answer to you really depends on your time frame:
1. Do you have to get this back on the road for transportation back to school (I'm a college teacher so I know the time frame here), or do you have a backup vehicle?
If you are rushed go ahead and buy a used engine or possibly a rebuilt short block. You can have your heads rebuilt and reassemble everything yourself. In that case, you really want to try to keep your original engine, assuming no major damage, to rebuild at a later time.
2. If you have the time to rebuild it is your mechanic willing to help you with this? Rebuild a complete engine is a pretty time-intensive endeavor.
Even if you go the rebuilt short block route you can still upgrade the cam and intake/carb and have a very fun package. Hope that helps.  

I just finished rebuilding a 350 and I used the small block rebuild book mentioned above.  I had to purchase a few tools (engine stand and lift) to complete the job but all in all it went well.  I had the engine block and heads redone at our local engine machine shop, also had them supply the rebuild kit (so I was sure it would all fit properly!!).  All in all I spent about $1500.