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Some good advice, some not so good. Here is my take after being in the business for over 30 years:
You basically have two choices.
1. Clean it up and put it back together like it is. If you do this I would replace the oil pump and screen. Your timing chain looks fine so I wouldn't mess with it either.
2. If you start taking it apart you might as well figure on a COMPLETE rebuild. That is where you will end up like it or not.
By the way here is a couple of pictures of the timing gear in the 307 in my Wife's riviera. It ran fine up till the moment it quit. Probably could have done a chain and gear swap and driven it another 250K miles But since I own a machine shop . . . . . . .
Thanks everyone for all the advice. I will try to do a compression check and leak down test this weekend. I will also pull a couple gearing caps to see if I see any wear. If everything checks out, I will probably take Bill K advice to clean it up and put it back together without making any additional modifications.
Well; the leak down test was not good. Every cylinder was leaking around 60-80%. Most of the leakage was coming from the intake values. One cylinder had leakage with the exhaust. I believe there was leakage in three cylinders (rings?). Unless anyone has any alternative suggestions, looks like a full rebuild is in order.