That's a good chance. A kid with an 84 Mustang with hopped up parts is surely going to lead-foot it. It could be cheap to re-ring it or it might be expensive cause you might need to rebuild it. In high school my 65 stang had blowby and an insane amount of carbon buildup on the pistons. Not having any money, I just bought some new rings and ran a dingleberry hone through the cylinders. It worked well. As long as your bores are still round, all you need to do is put a cross=hatch pattern on the cylinder walls and slap some new rings on.
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