No you wont need an ntire 1400 dollar rebuild kit. Most people perfer to use all new parts when rebuilding, but you can get away with out it in some areas... depending on the state of your current internal pieces. As far as ATF, a lil goes a long way!!!!!!! lol i remember the first time i did the ATF trick... Pop the front trailing plug... attach small piece of fuel line to squeeze bottle of ATF. Squeeze 1 squeeze (normal squeeze, dont get crazy) into spark plug hole. Reinstall plug. Start car. tell everyone in your neighborhood that your house isnt burning down, nothing exploded, there is no fire, and wear some sort of a mask, and possibly take a video... It will take a handful of minutes to clear out from all the smoke, and will smoke so bad that you'll think all hell is breaking lose. When all is said and done your flooding issue will be fixed (until it floods again) and it may very well loosen up stuck seals and so on... It may also do some damage to the internals... so be very gentle with the ATF, and put a 600 on that thing! Then take it to a rotary guy, like Samito, and have em look at it and get a better picture of whats wrong with the engine.