Does My 300 Need A Rebuild

[cleo]

I recently bought an 83' Bronco that has been setting for two years and today I was able to get it started. The engine smoked alittle for about ten minutes and afterwards only slightly when I increased the rpm. I did not drive the Bronco only ran it inplace. I noticed smoke coming from the vent hose leading from the oil fill cap and alot of oil in the air breather itself. There was no knocking coming form the bottom end of the motor nor did I see any major oil leaks and it appeared to run steady without a miss. The transmission however is making a growling noise that goes away when the clutch pedal is depressed. This Bronco has 135K on it. Any thoughts?

 

[4xfan78]

all the 300's that I have had they have oil in that breather filter. Sounds like the throwout bearing in the tranny is bad. If it runs and drives fine I would not rebuild it, unless you just have the money to do it now.