What order does the AME suggest doing it in? If you are concerned there may be corrosion, definitely inspect the cam and lifters. Paying for a pre-purchase inspection is intended to save you a lot of money down the road. Personally, I think pulling the jugs before running the engine makes more sense...

Buying block time is a good idea. $120 wet for a 172 is a great price. Most 150's go for $130 wet. Or, buy a plane - like I have. Use it a lot and get rid of it once done. If you do it right (and with some luck), you can come out ahead (Or you could lose big...) Be warned, being an owner is not for ...