just bought a 97 ranger with the DP 2.3, its got a whicked top end knock (the deal i got this thing for the knock doesnt matter) but i was wondering if anyone has had a 2.3 that this happened to. Guy i got it from threw the timing belt on it at one point, he put a new belt on it then it drove fine for 500ish miles then the knock showed up. I havent picked it up yet so i havent gotten a chance to tear into it, but i suspect it dropped a valve. I'm hopping to pull the head and have it rebuilt and have her good as new again so i can park my 8mpg f150 for a while.

anyone have sugestions on what could be the issue here?

what may be my worst case sinerio/best case senerio?

thanks guys