sir,
I dont profess to be an expert on these motors but only offer these anectodal observations based on my owning a 64 CDV with a 429 and my constant reading on the 63-63 cadillac community website and the 65-66 cadillac community website. The Self-Starter magazine had a lengthy article several years ago which offers greeater technical insight and you may wish to obtain a copy of same.
Our 64 has 130k and still performs remarkably. When I checked the compression at 125k, it still had between 150-170 pounds in each cylinder. If asked, the old beast would still light the tires with no difficulty and "merge and pass with authority" on any interstate.
I agree with Mr. Modicas comments particularly about the exhaust leaks. Based upon my observations of the messages on those pages, a common plight appears to leakage from the passenger side exhaust manifold (at least in 64) and/or the heat riser assembly. Also, the choke tube assembly (which runs inside of the intake manifold) is apparently problematic (again, at least in 64).
These are not necessarily difficult or expensive repairs but perhaps items of which you may wish to be aware.
The following quotes are typical of many messages Ive seen posted:
"Does anyone know why the air heat tube for the thermastat choke inside the intake manifold always cracks? Every manifold Ive seen is cracked in exactly the same location. I swear that because they crack hear it sounds like an exhaust leak because that tube runs the width if the intake and the noise emit thru the opened hole on the other side".
I dont know how extensively you intend to inspect this engine (visually v. compression/lead down testing). If the prospective car is an expensive investment, you may wish to consider using either of those tests since others have agreed with your observation on rebuilding.
“Rebuilding one of these beasts can be quite a bit more expensive than more standard motors like say a Chevy. One issue the 429s have is the fact that the cylinder walls are already so thin . . . (Also there are many parts on this engine that are 4, 3, 2 or even 1 year only. Interchangeability with other GM engines of the same year is almost non-existent. NOS parts are hard to find and often the used stuff is in worse shape than what you already have. On the bright side, there are sources to find these parts. Many of these vendors are listed on our group site. Ebay is a most valuable resource for NOS, used and reproduction stuff.”
I did, for example, have some minor difficulty finding the "kick down" switch for the carburetor when it stopped working. The neighborhood auto parts store were not helpful but I found one after a short internet surf.
Finally, the 64s are sometimes prone to "heat sink" and/or "hot start" issues (problems which are also not that difficult to resolve), the water pumps are a bit of a pain to change (that metal tube construction is easiest if you use your third arm), and the location of PCV valve (under the intake manifold) presents some difficulties.
Most have reported great satisfaction with these engines, most particularly after updating them with electronic ignitions and chokes.
Ive always admired the Fleetwood, loved the luxurious trim found in em, and would love to add one to the fleet some day.
Good Luck. Sorry for the long post. Happy hunting.
Chris McBride