This job requires a huge amount of labor, as the engine must be removed to replace the passenger side components. With parts you looking at about $2000+ to have this job done. If I were to do this job, I'd only buy the best parts available.
I'd be suspicious of anyone willing to do this job for $500 labor. It's a lot of work and many mechanics won't touch a SOHC.
Is it worth doing? That's up to you, but what if the transmission is next to need rebuilding? That's another $2000 plus job. I'm assuming the truck cost you nothing, so to keep it maybe $4000 isn't too much to put into it. Does it have sentimental value to you? How's the body and frame rust-wise? How's the interior?
I have a very nice, clean, rust-free 2001 V8 Eddie Bauer. It has almost 200k on it now. The interior is perfect, the paint is near perfect. if the trans or engine quit on me I just might spend the money to keep driving it. It's one of the best vehicles I've ever owned.
The mechanic is a great friend, is reputable, and is willing to do the work for $500, since he asked me to get quotes and said he'd do it for half that's the price we came to. His answer was "I guess" lol. 1-2k is about what I was getting quoted around town.
So far the transmission is seemingly running smooth, sometimes it'll give a light bump/kick when I give it hard gas and then let off the gas right when it's shifting.
The truck does have some sentimental value to me, it has had major hail damage to the roof and hood, basically all over since it was in an East Texas tornado. Minor rust on the rooftop and by one wheel well, but no frame rust. The interior is good, not great, minor things like the driver power seat only half work and passenger seat won't lean because the steel wire snapped under the handle, I also removed the rear door panel because there was no handle to open the hatch.
Since acquiring the truck I have done the following maintenance/upgrades to get it in decent mechanical shape:
(All new)
1. Radiator
2. Alternator
3. Shocks
4. Brakes (front and back pads+rear rotors)
5. Spark plugs
6. Spark plug wires
7. Ignition Coil pack
8. Valve Cover Gaskets
9. All 6 injectors
10.Thermostat housing
11. Fuel pump
12. Fuel filter
13. High mileage oil change (k&n filter+lucas)
14. Aftermarket Cold air intake (cheap ebay)
15. Sway bar links
16. 4 new tires
17. Tinted all around
The timing job can be done for $500 guaranteed, I just need to decide on the kit to order if I choose to do so.
Love the truck and still has good power and gets me around town no problem.
She also has a misfire/rough idle that I have been trying to get rid of hence all the ignition and injectors being replaced. I was told the timing slack could possibly cause a misfire, then I heard the so-called "death rattle" this winter when cold starting, in the front and back, so I'm sure the guides and tensioners are worn out.