High Mileage, Unknown History Swap

[e30guydownunder]

Gday, some of you know i recently crashed my 318i in a peakhour pileup, and thru this i aquired a 318is for parts. I intend to now swap the engine and most of the "s" parts over to my car. BUT, the parts car has an indicated 240000kays on the dash and no known history. It is obvious that the car had been looked after at some point in its life, new suspension bits, new brake rotors, with painted hats and calipers and such.

The engine starts up first go, doesnt make any of the dreaded chain tensioner noise, and really seems like a great engine. I do feel that i should rebuild it thou, as with 240000 kays its getting on a bit. I gave the pan a tap and cant hear any rattling upper pan bolts.

The engine does however, idle a bit unstable, vaccuum leaks? maybe the coilpack on the way out?

So basically, if i am to rebuild it, what should i do, what should i expect. My thoughts were bearings, rings, obviously gaskets, chain tensioner, chain guides, chain and sprokets (depending on how worn they appear). Before i strip it i would throw an oil pressure guage on to see whats happening there. What should i expect pressure wise?

And obviously id put the upper pan bolts in with loctite...however some places say blue and others red?

Through the rebuilding process id get the head reconditioned, id be looking to fit my m40 flywheel and clutch assembly. As both cars have a 240 gearbox, should the throw out bearing off my existing 240 gearbox work? This would mean id need to use the m40 starter pinion as well, or possibly the whole starter motor?

Id also be removing the heater plates while im there.

have i missed any of the m42 weakspots? basically im looking to have a new engine and keep my e30 going for a while yet.

So checklist is:

Upper pan bolts
Chain Tensioner/Whole Chain assembly
New gaskets/Bearings/Seals throughout

Lighter Flywheel
Heater Plate Delete
Coil on Plug? Maybe if i find coils super cheap

And to top everyhting off, im a student with a fairly small budget. Ideas on the costs, given all im buying is Parts as part of the rebuild, the flywheel is already in my possession, given the weeze bag M40 that resides in my car.