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I found an engine that I may snag up for another project I'm working on. Looking like it falls under the 600 hr TBO based on the serial number. I also know the earlier ones did not have the slipper clutch. Anything else one should specifically look for on these mid 90's UL's AD or otherswise besides the obvious engine stuff?
A couple I know of:
Obsolete ignition modules without a straightforward upgrade path
Stator problems with wire insulation going bad
Got to take care there's no corrosion on the crank and cam shafts.
I recently looked at one and talked to the techs at Leading Edge Airfoils and Lockwood. My decision was to keep looking for a more recent edition. Not to say you couldn't make a go of it, but there is a reasonable risk that you'll be putting more money in after the purchase.
My first 912 UL was purchased in 1996. I did do the stator replacement, but question the necessity as the problems with the original ones resulted from certified users in training airplanes essentially hosing down the engine compartment with solvents for cleaning. I also stabilized all wiring from the ignition modules and put 900 hours on it without a hiccup. My new Model IV has a used - 150 hour - engine with the modules mounted to the stationary part of the engine mount. Only about 100 hours on it, but it runs fine. About half of the 900 hours on the first one was flown alongside 6 or 8 Kitfox and Rans airplanes all with 912ULs on group adventure flights, beginning in the early 2000s, and only once did we have a problem - one guy had a broken ignition wire that we fixed on a remote Idaho strip using a butane soldering iron and some heat shrink tubing. I guess I would tend to look more at the previous owner and his attention to detail than the engine itself.
I think the older engines are fine, as long as they we're stored/taken decent care of. The '96 vintage engine I have, sat for many years in a hangar, I am guessing 12-15 years without being touched. I had couple of issues, mostly carb related, but I wouldn't be scared to buy one of the earlier vintage engines if the price is right.