Hi everyone, quick status update on this.

I ended up biting the bullet and it's currently in getting an engine rebuild. Details:
- Forged Pistons
- Forged Conrods
- Upgraded Head Studs
- Race Bearings (Main & Conrod)
- Complete Gasket & Seal Kit incl. Head Gaskets
- Cylinder Head Servicing & Machining Work

Also decided to take the opportunity to replace the clutch, throwing in an Exedy HD.

Once again thanks for those that provided their thoughts! Looking forward to getting the car back.