First of all sorry to hear you have low compression. Next you need to determine why it is low before trying a short term fix. Any water in the oil (milky looking), this would say the head gaskets are blown. Could be as easy as new head gaskets or as bad as cracked heads. If the rings are worn then using replacing them may help but you need to check the cylinder bore for wear to see if new ring will help. If worn to the point that oversize rings are needed then the pistons will have to much play and may end up breaking. In this case either rebuild or replace.
Regarding a new engine are you looking to go with a whole new package (pan to arrestor), new long block, or remanufactured long block? Lots of places on line to choose from but be sure to account for shipping as any of these are heavy and cost accordingly.
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1997 Silverton 362, 7.4 Crusaders
1997 2400 SCR, 5.7 Vortec / Bravo 2
Mike
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