My first option would be to take your VX to at least three(3) reputable repair auto shops and have a certified mechanic give it a thorough diagnosis as to what the actual problem is. It could be as simple as a bad "timing tensioner" (as another poster has mentioned), causing a nasty sound.
If after at least three(3) different certified mechanics all say your engine is toast, then I'd go V-8 power-- see thread below:
http://www.vehicross.info/forums/showthread.php?t=22505
Then, ship your VX off to Aberdeen, MD via D.A.S. (Dependable Auto Shippers) and have AutoPros make the V-8 conversion and return ship it back to you. No brainer.