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If the rear crank seal leaks a bit, you may not notice it coming from the bottom cover on bottom of the flywheel/flexplate, when running down the road. High mileage engines usually lose oil through worn valve guides and valve stem seals.
A new/rebuilt long block from a rebuilder would be less money than what you can rebuild it for yourself, and new long blocks are out there for a decent price too, like from Jegs etc..
 
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