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The timing belt is completely separate than the balance shaft belt. If the teeth are stripped on the timing belt by the crank, the balance shafts will turn with no problems and still be in time. However, the timing belt will not turn because there are no teeth at the crank puley. This happens all the time and bent valves are a definite just depends on how many are bent. A rebuilt head can be bought for much less than $500. I normally get mine rebuilt for less than $150 so if you buy a used head for $100, the total is $250.
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There is no mechanical task so great that brute force and ignorance cannot overcome
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