I have a 1983 4X4 Ranger with a V6 2.8L 171 engine that I would like to rebuild and fix up, at least what's under the hood. It has a couple of oil leaks, one around the pan, and the other on the rear axle diff cover. I'm pretty sure that they could be fixed by installing new gaskets/silicone.

The engine runs okay, but it's a little hard to start. It hates the cold. Once it's running it does pretty well for a 23 year old engine. It runs great off road, which is why I like this truck. The tranny feels solid, and it had a new starter put in a couple of years ago, along with the gearing in the tranny the starter turns.

The body is in decent shape for a farm/work truck, some rust and dings, and has a rusted out hole in the bed. Of course, it needs a paint job. The cab interior is okay, the dash is cracked, there's a hole in the floor board, but the seats and trim are all good. The windows need new gaskets.

So, my laundry list of questions:

Would upgrading or rebuilding the carb help with the starting problems? Or should I change out the plugs, distributor and wiring? Or both?
What should I look at when checking out the engine, besides compression? I'm wavering on doing a complete tear down of the engine, but I'm not 100% I can handle that.