if it has seized but is now is going it has probably scratched the cylinder walls and there will be some loss of pressure and oil retention. the question is how bad and can you live with it. I had pretty badly scratched cylinder walls but the engine was running ok (bosch system I suppose and high compression ratio). perhaps the oil was getting black a bit fast in hind-sight. I could have nursed the engine for a good while. But If you want any kind of performance it would have to be fixed. A compression test and scoping would be the first steps if you do anything. I would recommend a leak down test with the engine cold the results will not be good but it will help to see how bad it may be (I had a great engine that had bad cold leak down results). If it has happened because of over heating you will need to fix the fault and the cost will have to be weighed against the engines condition and what you want. Oh yes worst case it seized at speed under load and the crank shaft has bent then it is done.
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