I agree totally with a compression test . It is the first check you will have to make to determine the engines condition as we should always do when we see or question any changes in the way our engines are running . The fact that you are hearing noises that you describe as nails rattling around makes me thing of possible broken piston rings . Instead of thinking the worst , it is best to determine what state your engine is in . A compression check shall do this . Repair manual specifications of compression are available , but it is unlikely any engine will achieve these exact pressures considering mileage and wear . Regardless of how it was always driven and maintained , it is now in this state and must be addressed . It is hopeful to find at least close to spec's , but seemingly more important is cylinder balance . You would like to see , as previously posted no more than 5 to 15 pounds difference between cylinders on any engine with any kind of mileage and use . If it is determined that poor compression is found in any cylinder(s) and considerable difference of pressure from one cylinder and another , it might be best to search for a replacement . You could tear it down to determine what needs replacement , but that time and money may be better spent seeking a good running engine which is what you want to begin with . One step at a time , well thought out shall achieve you the results you will be happy with and back on the road soon . Best of luck , Greg92jeepxj .