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If you want to rebuild an engine you need to witness one. I had the chance of experiencing complete rebuild of my second hand 2-stroke vehicle and there were lots of lots of things. Few bearings to remember. I had also experienced cylinder block replacement and changes in head with camshaft replacement and porting of my Yamaha new FZ-16 which was opened couple of times.

The best way to learn things is to voluntarily be with some mechanic where you can help him while learning things. This can be done when you have good 1 or 2 months of vacation.

I am planning to do that.Will rebuilding a particular engine will make you expert enough to build some other one?Or the stuff you do is basically same.

Believe me, just by watching videos,u cannot rebuild a engine all by yourself. I myself being a 3rd year mechanical student,am very keen about rebuilding my engine.I have done a fair amount of homework regarding that,but still not confident enough about it.
As suggested you need to witness atleast a couple of rebuilds/overhauls , before you can even think of opening up your engine.
The best you can do is,get it rebuilt from some well known mech,and watch every step carefully,so that u get a nice overview..
Then if u feel confident ,you can go ahead and open it up yourself..

Anyways its just my 2 cents... :P
Gud luk with ur engine..

The only way to learn how to rebuild an engine (or anything else for that matter) is to get at it. Under supervision if available, else its the make mistakes and learn route. Nothing bad with either way, mistakes cost money but the thing you learn from your own mistakes will stick with you for life, fair trade.

Answers
1)Wear and tear parts, checking tolerances of moving parts (sliding, rolling surfaces), visual inspection to gauge the relative health. (It isnt in the scope of this post to list all the parts that need checking. The thought process behind it, however is.)

2)Game of ifs. Has the engine been rebuilt by a knowledgeable person. Has the engine been used in the same manner as it has been used prior to the rebuilt. if yes then answer is yes. In some cases they might out live stock, since(/if) the person working on it might(/is) be accustomed to the recurring issues and has improved the parts prone to failure.

3)How many times before you go broke? each and every part is replaceable, availability(oem/custom fabricated,cast,forged,etc) and cost is the only constraint.

4)Again a game of ifs. General rebuild will make the engine more efficient than it was before the rebuild. (Only this much is absolute) it could be more efficient than brand new stock (cause mint engines out of the factory arnt at their peak efficiency), could be equal, could be worse. All depending on the quality of rebuild. A bad rebuild will be detrimental and immediately evident. And you can expect a on par performance and mileage figures after a correctly done engine rebuild.

5)Unless you have a inherited garage, chances are you will have to start from scratch, i.e getting all the tools.

Rough list
A set of ring,box spanners, metric size.
Set of Ratchet and sockets, (uptill possibly size 40,44 sockets),
Allen hex keys,
Impact tool sockets, doesnt matter if you dont have a impact clutch wrench, you can use a allen hex key (size8) (personal favourite to torque head bolts)
Wise grip pliers, ( for 'very' stubborn things)
Breaker bars, ( to collapse structures)
Torque wrench (expensive, sensitive, calibration needy)
Saw, Chisel (point and flat), Hammers, Mallet, Bench wise, Taps, Files, Scrapers, ermm...

Special tools: Bearing pullers, valve seat pullers, valve spring removers, clutch spring removers, Primary sprocket locker (for fields) etc. Some of the jobs can be done with out them, but it is the fastest with them.

Calipers, feeler gauges, Micrometers, Dial gauges, Calibrated Weighing scale, Timing disc, Bore gauge, etc


Might have missed a couple of things, my memory is unreliable.

Thanks for reply.My mechanic friend said no rebuild coming soon.But he is gonna open up a splendor.Being holiday I am going to watch.