Ford Repair: to rebuild or not to rebuild, diy mechanic, gasoline smell

Question
Hi -

I fried the SOHC 2.3L engine in my '94 Ranger 2wd mt.  Massive overheating due to bad water pump. Replaced w/p but it won't start - Fuel pump runs, gasoline smell in exhaust, plenty of spark, timing seems OK but compression is terrible: 60, 53, 30, 125 so I'm in for some major 'tinkering'.

Years ago I replaced the head in my MGA but shortly after had to replace the engine (upgraded from 1500 cc to 1600 and never looked back) :D   It helped that the 1600 was balanced, shotpeened, and had a lightened flywheel and close ratio gears. LOL

I've sort of kept current as a DIY mechanic but need an expert with more experience w/ Ford Rangers.

I'll be doing a wet compression test (oil in cylinders) on Sunday but want to become educated wrt my options.

Given the real possibility that a complete rebuild is in the future for this beloved Ranger (because of the overheating and subsequent nonstarting) I was wondering if it might be prudent to bag it and replace this 205 kmi SOHC engine with a DOHC version and have a bit better performance and possibly a better computer or if it would be more cost effective to get the current engine rebuilt.

Is the DOHC a drop in or is this a project that I should give some careful consideration to?

Thanks!

- Bill

Answer
Careful consideration should be taken before upgrading to a dual. There are too many items to list, sensors, etc. I would scrap it and find a used engine myself. I just think it would be a whole lot more cost effective to go through a salvage program offered through most parts stores like advance. Most come with like an 18 month warranty. Or you could get a re manufactured engine. I don't have the particulars, usually you have to call the parts store to get pricing.