Classic/Antique Car Repair: Clunking Noise Piston Bearing Replacement/NewBlock, foul stench, starter solenoid

Question
Hi Mr. Warrington
I recently bought a 1969 Impala 327 with a late model 350 in it. The
day I got it I took it for a ride and everything was fine. Shortly after I
handed it over to my girlfriend, when she was bringing it back to my
house it seems it overheated.  She reported thin white smoke and a
foul stench and shortly pulled over. After inspecting the car i only
found a busted hose from radiator to coolant resevoir and cracked
starter solenoid. At this point the car wouldn't start. I had it towed to
my house where me and a couple buddies (the fellows who sold me the
car) replaced the starter and got it running again. Once the car started
it made a clunking sound towards the rear of the block. I didn't have a
clue what it was but my friends said it was a piston bearing and said
the whole block needed to be replaced. Since I don't know a whole lot
about cars I didn't say it to them, but wouldn't that mean just replace
the bearing? Maybe you have even another diagnoses.
... Another thing it seems the oil level was quite low.
Thank you for your time.

Answer
Danial;
     Hi well first off if you just bought the car and it threw a bearing the same day I would ask for my money back , if it just went under normal driving than it would of happen to the owner also. AS far as the bearing you will have to pull the engine and if nothing at all was hurt or cracked, dented - valves ok, piston ok than you might get by with replacing the bearing , but I would do a lower rebuild on the engine while it is out. If one bearing went than the rest are going to fallow.I would do rings and bearings. and a new oil pump and timeing chain, and throw a larger cam in it too. ok - or buy a turn key motor..