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Both George and John are Guru's and you should follow their advice. Excellent stuff. My 164 had the cold start unplugged causing 30 second cranks on the starter and 1/4 throttle to get air in the intake manifold.
Clean the contacts for the cold start and the temp sensors just in front of cylinder 1. The fuel pressure regulator should be OK, but the injectors are probably dirty. Once you get it started again, let it run for about 20 minutes to let the engine get nice and warm keeping your eye on the temp gauge. The idle speed should be at 800.
I just got my 164 at Christmas and it is a little better than a basket case. The seats were replaced with cloth ones from a 1990 240, the Spanish Moss was crumbling and the black leather was completely dried out and falling apart.
You don't need octane booster, the compression is low enough to use regular(87 octane). If it pings, try cleaning out the cylinders with Seafoam.
The plastic casing on the wires gets brittle with age, so check the wires around the intake manifold to make sure they are not grounding anywhere. The 6 cylinder is very easy to work on, but is built so strong that you shouldn't need to work on it.
Keep us posted,
Klaus
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98 V70Rawd(108Kmi), 95 854T(88K mi), 75 164E(173K mi)
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