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[albitz]

Despite your experience and education on the subject, Martin is right. VX used crap valve stem seals in 2001 and that is the cause of your smoking on start up. The timing being 1 tooth out wont have made any real difference to the life of your engine, just power output and fuel economy.
Just run in is a bit tongue in cheek - but with a new set of seals and regular servicing your engine will almost certainly be good for at least another 100,000 miles.

[Martin_1962]

As i said i have been spannering for 30 years so i realise what it may be, i am also doing a degree in Race Car Design & Engineering so the last thing i am going to do is just do the stem seals on a 150k mile engine, it is a rebuild or replacement, depends on what i can be bothered doing and how far my student loan stretches.

Still a lowish mileage for these engines, mine is about 130,000 and is fine

[2woody]

I've not seen one with worn bores yet - have maybe had 30 apart over the years.

have changed a few ring sets on these engines, but more really because they're apart and not 'cos they've needed it.

reboring just because of mileage is way OTT, but I certainly wouldn't advise against it, it's your money, you should be able to spend it how you wish.

actually, sometimes on race-cars I've re-used piston rings in both old and new bores

[Mike2530]

I decided to design race cars 3 years ago so yes i have a student loan as i haven't yet finished my degree.