There's nothing wrong with an "economy" rebuild. It seems more fitting to these tractors than a "no expense spared" policy -- that's how the old farmers maintained them. I put in all new sleeves, pistons, rings, and bearings, but kept the original valves and passed on getting the crank turned and the head surfaced. I'm happy with the results. As I found it, the engine had no valve stem seals at all, but the guides were tight. I put 4 new stem seals on the intakes and struggled to get the square edged seals past the square edged lip on the bore for the guide. I tend to agree with you that it seems unlikely that manifold vacuum would pull a lot of oil uphill past the guides on a flathead. But it may be possible if the situation is bad enough. A couple more checks to consider when trying to find the source of the smoke: If the smoking gets worse under load (low vacuum), it's rings. If it gets worse at idle (high vacuum), it's the guides. Also, pull the breather cap off and see if the crankcase is under a vacuum at idle. Really bad guides will do this. If, on the other hand, there are puffs of blowby out the oil fill tube, you can suspect ring leakage. The side clearance on the 4-ring pistons in the original engine was very high (.020+), so I opted for new sleeves and pistons even though the originals looked OK visually. The rebuilt engine is nice and tight -- no smoke or blowby and good power. I don't see anything inconsistent in the FO-4 manual about side clearance. Paragraph 34 on page 31 gives a wear limit of .004. Later on (page 32), it gives a new spec of .0015 to .0035 for the top ring, .0015 to .0025 on the second ring, and .0015 to .0030 on the oil control ring. The top ring is the most important one. I'd probably let the side clearnace go up to about .006, but too much more won't seal properly -- a lot of the sealing comes from combustion pressure getting behind the ring and forcing it into the cylinder wall. Too much side clearance and it will just blow out the other side. Your compression rings also provide a good deal of your oil control, and if they don't seat under power, the engine will smoke.
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