Iron
 

First timer, need your expert opinion/s regarding my gutsy move of rebuilding my engine. My iron have a small chip at the bottom can somebody please let me know if it's ok to go on with my project or do I need to find an iron without a chip?

You'd have nothing supporting the coolant seal there. So I'd replace it if I were you.

I agree, its not even going to be worth it to use it.
Nothing is holding the back of the coolant seals, once coolant starts flowing its going to leak right in. Thats also in the way of the exhaust stage so exhaust mixture will escape through the cooling system.
Replace it.

Thanks guys. I better start hunting for a good rebuildable iron plate. Any ideas how much would I pay for a used iron?

u can find good n/a blocks for couple hundred if not less.

www.lucky7racing.net/ they have used good irons that are for 70... their in pretty good conditin