This is how it started

I bought my 1978 Honda Accord CVCC about a month ago for $800.  It had been sitting for over a decade until about six months ago when it was taken out of storage. 
Then it became mine. 
I knew it needed some love.  First thing was an oil change, oil filter and air filter replacement and fluid top off.  There was an immediate improvement in performance - however slight. 
Then the brake light went on. 
The master cylinder was bad.  Had that replaced. 
Then they changed out the rotted regulator and fuse. 
Next up was the fuel filter and the spark plugs.  Who knows how long they had been hanging out in the Hondamatic.  The appointment was for Friday 5/20/11.

We never got there.

On Thursday I started the car to go to work.  The Hondamatic labored and then stalled when I pulled away from the curb.  Lots of white smelly smoke was coming out the tailpipe.  It wouldn't start after that for about five minutes of trying.  Finally after much coaxing the Hondamatic turned over.  I could tell it really wanted to.  I drove around the block, while Collin followed me, and  I decided to park it again and make a decision. 
1. I could junk it for $50. 
2. I could sell the body for $400 maybe. 
Or
3. I could find a mechanic and an engine for about $2000.

Well, Collin and I have decided to rebuild the engine ourselves.
It certainly won't make things any worse than they are now.