When I was 15 my stepdad helped me rebuild a 350 that came out of '76 K10 Stepside. The engine had been run hard in the truck it came out of and my '56 Chevy Sedan up to that point. We plasti-gauged the connecting rods on the crank, stamped numbers on the ends of the connecting rods so they went back in the right spot and didn't get oriented the wrong way, checked the bore of the cylinders, cut the ridge at the top of the cylinders, hot-tanked everything, honed the cylinders with the ball type honer only to get the cross hatch in them, honed the lifter bores with a ball type honer, used a very fine grit emery cloth to clean up the bearing surfaces on the crank and cam, put new rings on the pistons, new bearings all around, new timing set, reused the cam, crank, connecting rods, pistons, but got new lifters, and assembled it. That engine ran great, and I didn't baby it, and it never burned any oil. In 1991 I put that engine in my '65 3/4 ton and drove the piss out it, the truck loved running 80 mph on the highway, and that was turning 3,000 rpms regularly. In 1998 I pulled the heads to have him freshen them up. There wasn't any ridge on the tops of the cylinders this time, and I calculated it to be around 194,000 miles on the engine between the '56 and the '65 at that point because I drove it daily around town and on the highway and made a many trips between the LA area and my hometown between 1986 and 1998 which is a 5 hour round trip. Whatever he did to the heads made the engine run even better. Easily added 30 hp and more torque that was very noticeable when passing cars or going up hills. So yes, you can do a rebuild on the cheap and get excellent results. Just do it right and you will have no worries. All we got new was lifters, seals, rings, bearings, timing set, high volume oil pump, plugs, wires, cap, rotor, coil, water pump, freeze plugs.