1958 Willys Jeep for sale

I am looking at a 1958 willys , it is in good shape but it has a ticking in the lower side of the engine. The owner said this happened a coupl of years ago and he tought it was a lower rod bearing. Well , he dropped the pan and replaced the bearing and it quit for a little while. He used it to push snow and he said it lasted one winter and now it is doing it again. He thinks it will probably ned an oversized rod. Is this a major job or a good weekend project ? Another note, he said it has a rare trans with 8 fwd gears and 3 reverse. What is the deal here ? Is it rare ? He is setting at $1500 the way it sits. What do you all think ? It has a good title and registration to drive on the road. Thanks, Iowa883