Well, good news and bad news. The good news is I got the car to run. The bad news is the motor is still junk.
The reason the car wasn't starting was due to a bad fuel pump. I ended up pulling the supply line off the fuel rail and activated the pump. It would run, but wouldn't move any fuel. I thought it sounded weak, and turns out it was. With that discovery, I tore down the whole system.
I pulled the pump and inspected the tank and pump hanger. The tank was clean, and the hanger had the typical surface rust. I swapped out the pump with a spare I had on the shelf, and replaced the strainer sock. What little sediment was in the tank I sucked out with my vacuum bleeder, and reinstalled the pump hanger.
Then, I went up front and pulled the fuel rail, injectors, fuel filter, and lines. I swapped out the old injectors with some known good spares to ensure they weren't causing any problems. I replaced the seals as well. Next, I blew out all the fuel lines with compressed air. After everything was clean, I replaced the fuel filter and reinstalled the injectors and rail.
With the fuel system back together, I activated the pump once again by jumping the test connector. I checked for leaks and made sure everything was good to go. Satisfied, I jumped in the car and hit the key. It rolled over and fired right up.
Once the car started, I was running great right off the bat. The motor felt fairly smooth at idle, and I could only hear a bit of ticking. I reached under the hood to rev the motor, and heard what sounds like one or more of the pistons slapping. Whenever you transition on and off the throttle, you can hear an audible slapping noise. It's definitely not a rod knock. As the car warmed up, the slap got a tiny bit worse. I was still able to drive the car down the street and back, and move it in and out of the garage. The motor seems to run pretty well aside from the piston slap. Here's a short video of the slapping sound:
click
In light of my latest discovery, I'll be on the lookout for a short block for 1546. Until then, I'll do some more inspecting and evaluation to see where else the car needs attention.