Loud screech. Engine still bogging... what to do

[1982 Dragon]

Hey guys,
Coming home from work tonight... was downshifting to second around a corner. So push the clutch in, gear to 2nd and ease off clutch with foot slightly on brake to slow down.
All I hear is a loud screech... almost like a belt or something.
My only concern is something tranny/clutch related. Never happened before. Tranny has been shifting good no problems.
Spent 500 bucks this spring changing fluids... trans fluid is brand new same with dif.
Anyways, my motor is still bogging down.... embarassing sitting in drive thru and having the car shake back and forth and loud engine bogging. Like a muscle car or something.
Anyways, not sure what to do these days... move on or turbo.
If I do a swap (I know search and read!) but will only have a couple $k to put into it... not sure what to do lately.
Mk3's are looking really appealing lately. One thing after another with this car... ahh
Help, need advice!

[1982 Dragon]

I really want to see this car done. Been spending good money on it lately... especially cosmetically.
New sticker and hatch repaint plans this winter (maybe I guess?) and some other freshening up stuff.
Like I said not sure what a swap will cost (I know search...).

[tyrantfour]

check vacuum, compression, and fuel pressure in that order. How does it run at speed? If it runs ok, id say your looking for an air leak. otherwise fuel pressure or loss of compression can do it.

[zuprax85]

buy my 2jzge swap!!!!

[1982 Dragon]

Well screached real loud again when I down shifted.
When I coast in neutral and gear back up no screaching. I am stumped. My luck something serious (always). Hope not. Really getting bummed down lately... so much $ into this car and nothing to show for it

[celipra]

... not sure what to do lately.
Mk3's are looking really appealing lately. One thing after another with this car... ahh
Help, need advice!

Noooo! Don't get rid of your mk2 for a mk3! That'd be like dumping Jessica Alba to get with Rosie O'donnell! LL Plus, your car's too awesome. Wish my car was that clean. My advice would be to fix the 5m, swap a 1JZ or 2JZ, or......LS1

[EwGoetsch]

You should see my 82....

Rotten interior

Rotten fuel system

Assload of miles(243,000)

Left me stranded with no cell reception in the middle of South Dakota

I've been through almost any problem a 5m can go through cause i buy all the shitty ones.

You need to man up, and take the bitch apart, and make her stronger, the forum will help. These old 5mges are tough as shit, within the top 5 of toughest Toyota engines IMO if not abused and treated well. Tough it out dood, fix it.

[scottevil]

buy my 2jzge swap!!!!

Why are you selling Edgar?

[zuprax85]

Why are you selling Edgar?

want more paaaaawaaaar!!!!

[1982 Dragon]

Lol same here. Not sure what to do. Looking forward to Toronto show to see all the Supras. I am stuck between getting a 90-91 black supra in good shape... or seeing how much longer my TC will last me. Seems like so much $ into this thing and I have no turbo! =(