Ouch. Well, while I'm not looking to spend $10k in parts on a $500, decade+-old jetski, I wouldn't mind the end result being a bit more expensive than if I had bought a working one of the same vintage. The education value is worth it to me.
Assuming the inside of the crank case doesn't look like mine did you'll probably have a much easier time.
The Jetski story:
I saw this on Craigslist and was incredibly impressed with the amount of detail in the advertisement. Surely this will be a hell of a deal! How could I go wrong buying this thing?
So I grab my Craigslist warchest cash (piggy bank) and drive to Omaha to buy my new Ski that I'll surely have on the water in a day or two.
This is what I saw in person. Looks really nice. I'll take it!
I get it home and discover quickly the starter is fine but the engine is definitely locked up. I pour a bunch of PB blaster in hte cylinders and let that soak for a day hoping I'd get lucky. No dice. Time to pull the engine
After I removed the intake and reed valves I could see right in the crank case. I was pretty damn tempted to just part it out and sell it on eBay at this point but decided to press forward and fix it.
Next up was tackling the jetpump which was also locked up. I removed all the bolts that hold it to the jetski but could not get the damn thing off for the life of me. Lots of silicon is used on it as well. Finally after hours of ****ing around I told Ted to hold my beer and ripped it off with my truck
The entire jetpump was junk, so I ordered a refurb housing and a new impeller and assembled that while waiting for my refurb motor to show up.
Time to tear into the carbs. They were full of sand and a major PITA to get synced properly. 3 carbs that can't be adjusted unless you remove them from the ski which is about a hour job.
Carbs rebuilt, per the service manual, everything triple checked. I did end up having to tear them apart AGAIN because it ran like total **** and I finally found a service bulletin that said the carb settings in the original factory service manual were incorrect (which is what I was using).
New (refurb) engine ready to drop in. When you receive it you have to move your flywheel, stator, starter, coupler, etc from your old engine over to the new one. I also elected to delete the factory oil injection system. I run premix instead (mix it with the fuel). A lot more reliable this way since a failure of the pump or one of it's many oil lines would cook your engine.
Everything back together:
It's alive!
I stepped through every page in the service manual and if there was a way to check the tolerance of something or test or inspect something I did it. Anything that didn't meet the limits I replaced. I pulled the gas tank and cleaned the **** out of it. Replaced every fuel house, teh fuel filter, etc. Replaced all coolant hoses. Expensive but I ended up with a pretty nice jetski (too bad it's not a faster one, lol).