I have an 88 L03 which has been running like crap after replacing valve seals and oil coming out of tail pipe. Car had fail inspection due to smoke. Everywhere I look it would cost me $1500 to $2200 to rebuild it.Thats more than the car is worth.

What other option could bring the cost down around $600?

 

Find something with a crumby or wrecked body, burnt up trans, etc and a 350 in it, pull the 350 install in your car.

Or rebuild yourself. I once did a mild performance rebuild for about 1000. Either way, if your going for power go with a 350.

Or check your valve seals again, you may have messed one up or misinstalled it since the problem is after you installed them...