Re: Pittsburgh Stolen Schwinn Collegiate (recovered!) - Help from Pee-wee Herman
see if there is any play in the wrist pin bearing. The piston should be able to rotate (obviously) around the pin and move back and forth a little, but not up and down. Make sense? If that bearing is bad, it's not a big deal to replace it. If the lower rod bearing is bad, that's another story. I haven't had the crank shaft out of one of these engines yet, but as I understand it, you would need to press the crank apart in other to replace the lower bearing.
Also, before you pull the jug off, order a bottom cylinder gasket. The old ones never survive. While you are at it, you may as well order a head gasket too.