Small Block V8 vs. Turbocharged Slant Six

On a 140k seasoned motor, imo there's no doing just a re-ring job.
The cylinders mostlikely have sufficient wear and a top ridge in them to break the new rings at the first few revvings of the engine.
It needs to be bored oversize, meaning new pistons and by then you'll end up doing a full rebuild.

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imo, I wouldn't even re-ring that magnum if it ran great at 140k and had good oil pressure. I'd slap a intake/carb on it, and I would put the LA front on it with new chain/gears, and if running a mechanical fuel pump, put on the eccentric adapter from hughes or swap the cam. Going to a car oil pan (with a new rear main seal) is a given. Punch in some new freeze plugs and enjoy.
I have a 318 mag with 134k that I will do exactly what I listed above and I'm going to install it in one of my dusters. I will put a 904 behind it.
Shoot, my truck with a 5.9 mag has over 228k on it and I'm not afraid to burn the tires or turn the rpm's. Runs like a top. Guy at work has 264k on his and beats on it, still runs great. Many, many out there with 250K + and some well over 300K still purring like kittens.
* Also, Dodge 72, if you run a 904, you won't have to shorten your drive shaft again. Only if you go to the 727.*