Can this engine be repaired?

[40 Deluxe]

Herm, I was taught the same thing about snap rings over 50 years ago, but I've always wondered if this is just another "old mechanic's tale". I can't envision Model A piston speed ever being high enough for inertia to overcome the light weight of a circlip. I'm more inclined to blame Harry Hammerhand for overstressing or distorting the clip by over squeezing, or reusing one where the pin has worn a notch.