It's a slang term that pokes fun at the very small valves that these engines have. They are also sometimes called "nailvalve" or "vertical valve" engines depending on who you are talking to and how old they are. The head diameter of the valves is very small compared to other engine designs of similar displacement. Hence the valves look like "nails". The Buick engine of this style uses a "pent roof" type of combustion chamber, similar to the hemi. But instead of using large valves that open towards each other Buick decided to put them both on the inward side of the chamber which made it necessary to use small valves so they would both fit. Yes in my opinion it is a good engine. In stock form the 401 will put out similar horsepower and torque as a stock Chevy 396-402 and probably, in my experience, put out a little better mileage. Although the mileage can be greatly affected by compression ratio and rear gear ratio. It does not have the performance potential of the big block Chevy as it can, with plenty of aftermarket parts support and better head design, be built to put out tremendous horsepower. The Nailhead can still be built to make it a smartly performing street engine, especially in the large cars they came in. The engine is obsolete which makes parts hard to find and expensive when you do, but is generally considered worth it to be different from all the belly button Chevys and Fords. What kind of dress up stuff are you looking for? If you're looking in Jegs or a Summit catalog then forget it. They have no reason to carry the stuff, besides maybe a chrome alternator kit. There is plenty of stuff out there if you look and are willing to spend the coin. Any auto parts store can get you a Chinese chrome air cleaner that will fit your carb, and There is a guy on fleabay who is remaking the factory style cast aluminum valve covers. Not to mention other companies making valve covers in the Offenhauser style. There is a guy named Kring that is making nailhead dress up stuff too. Get on your favorite search engine and look around or buy almost any of the plethora of rat rod themed car magazines out there on the newstand and look through the adds at the companies selling nostalgia speed equipment. O'brian Truckers, I think is making finned valley covers. Do your research. Good luck.
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