I need help guys.
Ihave 1993 Ford Econoline E250 and need to get back to work. I changed the valve cover gasket on the engine and know it's acting up. here are the visual things i can see and here.

I have a 1993 Ford E250 with a 4.9l 300 engine that has 311,000 miles on it


1. When i start the van up in the morning everything is fine, but after the thermostat open up about 2 miles go by and the engine makes thing xtremely lound diesel engine noise as if the valve are about to fall out.

2. After the engine noise, the oil pressure gauge instantly on a blink of an eye points to the low marker on the gauge.

I put a new oil filter with 6 new quarts of pennzoil 5W30.


I was told that the oil pump is gone and that i need a valve job. I know that the previuos owner overheated the van twice and now water leaks in the engine. I would rather get a MOTORCRAFT rebuilt engine. My question is what is wrong with the engine, and can i fix it under $500, if not should i go with new engine or a new 2008 van. Thank Guys