Yup pop that head off and have a gander down yonder. My buddie had an ol' 340 Artic Cat that he melted a hole in the piston last year with simptoms similar to yours. I think your best bet would be to find a parts sled with the stuff you need (check out a swap meet) My dad had a 79 El tigre that he used to race back in the day. I drove it once before it was sold. Indeed a pretty fast sled. Weather you want to fix it or not is entirely up to you and probably depends on the condition of the rest of the sled. Or hey send it my way for a little cash. Might be needing a winter project...
-86 Polaris Scrambler 250r/es - sold
-84 200es Big Red
-92 Ski-Doo Formula Plus 583 -88 Safari 377 -68 Super Olimpique 299
-87 Jeep XJ 5" lift/many other mods-sold
-89 F-150 4" Lift/33s
-90 Acura Integra - '83 Mustang 5.0 convertible (the new project)
Ask me about custom cut decals!