My buddy picked up a pristine '76 CJ7. The past owner had swapped in a 401 motor last fall, "freshened up 401 in it" he said. Well, test drive went smooth and he bought it. Less than 500 miles later, developed a knock in the motor. Back cylinders rod bearings failed completely so we tore it apart. It also seems the PO had swapped in pistons that were a fraction too tall, and they were hitting the head.
Luckily the crank looks ok, just needs a quick polish, and the cylinder walls seem good, hopefully get away with a light hone.
He's on the fence whether to go performance build or repair. Performance build, quoted between 2 and 3K. Repair, could probably get away under a grand. I know how everyone likes pictures