My motor puked all over it's self!

[shicks007]

I got the crankcase off this afternoon. I found the problem, the lower crank bearing. It looks like the seal in the lower bearing housing was letting water in and corroded the bearing, it was pretty pitted. Anyway the bearing and cage was toast.

Here's my thoughts, what do you think. Replace the bearing and gaskets, run a hone through the cylinders lightly and install a new set of rings to freshi'n up the compression a little. Last compression test was 115, 135, 135 and 125.