My primary considerations in choosing to top a 1700 hour engine vs O/H:
Treat the symptom. High oil consumption and oil that would get dirty on the first run-up (it seemed.) The CMI crankcase test scored very badly, cross-hatch was very worn, so the cylinders needed to be replaced. The rest of the engine is fine, with 0 corrosion and no metal ever in the filter, so why throw out a working reliable engine?
Recent Major Components repaired or replaced. 2 Turbo’s, mags, harnesses, fuel pump all replaced within the last 100 hours.
Invasive MX / Infant Mortality. Less stuff is disturbed, so less opportunity for things to be done wrong/poorly.
CAPEX /Time value of money. Just to make the math easy, let’s assume optimistically that the O/H costs $100,000 more than the top. At an 8% cost of funds, that o/h costs $8000 per year more. The hours on the “new” cost another $10,000 in blue book @150 hours per year.
Downtime. I need the plane to run my business. Germ tube is massively inconvenient to the point of pointlessness. Top, even though it didn’t go great, is significantly less downtime.
Unless someone beats me with a money stick, I plan on keeping this plane for a while. So at the rate I’m flying, if I can get another 5 years/750 hours out of the engine, then I’m nearly $100,000 ahead on a cash flow basis. There are, of course, no guarantees, save for the skinny warranty that the overhauler offers.
As @aviatoreb is discovering, these engines are astonishingly expensive (Victor super-dooper overhaul quote $130,00++), so anything that can economically extend the life of the engine in place seems prudent to me.
The financial figuring, done with an appropriately dull pencil, is just rationalization. For me, it was higher confidence in the engine and less downtime that drove the decision. YMMV.
-dan