I just got it running again after 7 years of neglect. Now, when I take it for a spin or drive it hesitates and spits and it sounds like a little banging at other weird noises coming from the engine. I think it could be a loose piston. What do you guys think?
More likely a sticking lifter. I had a late 70's mustang and the shop used a shortcut fix by adding kerosene to the oil to free it up - then draining and replacing the oil. They where too lazy or cheap to pull the value covers.
You also may have crap in the fuel lines, gas turns into gum when it sits that long. Replace the fuel filter and flush the gas lines. Before you do any deep expense repair.
FIRST YOU HAVE TO ELIMINATE FUEL PROBLEMS; OLD GAS ,OLD FUEL FILTER,PROPER FLOW AND PRESSURE. THEN GO TO IGNITION,IS THERE PROPER SPARK AND TIMING! CARBEURATION NEXT! IS IT BREATHING GOOD! CK AIR FILTER, ADJUSTMENTS,FLOATS,CHOKE AND SO ON. JUST MIGHT NEED A FULL TUNE-UP AND SOME SMALL TWEAKIN !!