Hi Muf,
I agree with all of the above comments. But just would like to add a few of my own.
Since the engine is out why don't you powdercoat the parts that need it, and spray the black bits(power steering unit,steering column,and all small black bits and pieces) with black semi gloss paint. The right combination is 60% gloss to 40% matting agent.This will give you the right texture and sheen, as I did it on my car a year ago.
Why not since the engine is out.And you can give it a real cleaning with STP Engine cleaner.
Once you do that, your engine will be much fresher and once it's back in place you'll have yourself a great feeling of self satisfaction.And belive me the result is worth the effort.
Regards,
Andre Morcos(UAE)
1964 230 Sl
1960 220 Seb