Ok, since you've determined to get the heads serviced, that's good, but I'd still like to verify why you didn't have compression. I would pull the rocker arms, and inspect the valves as previously described to determine if #1 and #4 are the cause of the compression loss. You'll want to temporarily re-install the spark plugs of course. I know I seem hung up on this, but you said you wanted to get it running, and that means absolutely verifying the cause of the issue. Why was there no compression on those two cylinders?
I think it would also be a great time to clean/bleed your lifters. This is a time consuming, but not costly procedure. It will allow you to be sure of proper oiling, and no noisy ticking lifters in the engine later. When you go through this procedure, you'll want to look for broken/cracked black plastic rings on the lifters, and replace the lifters that have the broken parts, or won't hold pressure as you pump them with diesel fuel.
Thanks normal_dave. As much as I like to be a DIY-er, yesterday, I dropped off the heads to the machine shop yesterday right as they were closing up. I talked to the guy there and he said he will clean and bleed the lifters, replace the valve seals and the rest of what is needed. He will have it ready for me in a day or so. However, I will definitely experiment this the next time I am at the salvage yard.
As far as cleaning pistons, re-install your crank bolt, use the wrench to rotate each piston to TDC, then use a putty knife/scraper and a wire brush mounted in a drill to clean the scale off of each piston. Don't get too aggressive of course.
Sounds good. Is there any liquid that you recommend using? Can I spray it with gasoline? Another question (maybe a little dumb) when you say TDC I am assuming it means bringing each piston to the top most position? Because the crank rotates 2.5 times or so for each cam rotation, when doing the reinstall, I should get the pistons in the same position as I have them currently, right?
As far as the timing marks, basically yes, you will just re-align everything, but use the factory service manual directions for this. Mitsubishilinks.com I also like the Rock Auto Aisin timing belt kit, It has the Mitsuboshi belt, but it appears it is a high quality timing belt, and oem idler, adjuster, and water pump.
I will order the set today.
Also consider new rear cam seal O-rings, use Mitsubishi genuine, also replace the front cam seals at this time, I used aftermarket National, hopefully the machine shop has included this in their price. You will also want Mitsubishi valve cover gaskets. I use RCHillmitsubishi online parts, and have gotten good service, and the lowest prices that I could find, at least.
Edit: Forgot to add, be sure to inspect, clean, and replace your pcv valve, and piping as this is a potential source of excess oil usage, and your exhaust ports show some extra carbon deposits, this is not unusual.
I replaced the rear cam O-ring (for the G74 there is only 1 on the left bank) about a month ago. It was leaking oil so definitely needed to change that.
Front cam seals are being replaced by the shop. He said he will get it from Mitsubishi. There is a dealership right across from the machine shop. Very convenient.
Valve cover gaskets were changed by the previous owner so does not leak any more. I checked those when I was replacing the spark plugs, wires, etc. I had to replace the spark plug seals so that is good now.
I have replaced the PCV valve while replacing the spark plugs. So I am covered on the regular maintenance.
Can't wait to be back on the road again
Really appreciate your inputs.