What do you want the car to do? That will drive whether you purchase a new engine...
--I would say almost everyone overhauls what they have as it is more intrusive to take the
engine out of the car then it is to leave it in and do heads,cam, headers, which is what
most people do. So, changing engines is more costly in parts and labor then an overhaul,
assuming your engine was good.
Of course, you wouldn't change engines if you wanted to go with Nitrous or Superchanging...
--Pitfalls: I'm having a heads/cam job done now. I'd say the biggest pitfalls are the nitty
gritty details that you need to know to order parts and put the car together in a timely fashion. For example, you need to order new studs, guideplates, and maybe roller rockers with a
heads/cam job. That info. wasn't given to me until too late and has cost weeks of time.