To me, if I were faced with an engine that needed a rebuild.
Heads go to machine shop for magnafluxing, valve job and seals.
Block gets tanked, magnafluxed and checked for round cylinders, straight mains and cam bearing install.
Rods and pistons get checked for weight balance and excessive wear.
lifters cleaned/replaced as needed.
Reuse cam if it was running OK before.
Reassemble with new bearings,rings timing gears and chain.
New oil pump (not taking chances here)
All new gaskets and new water pump
This is what I would consider to be a good rebuild that I wouldnt have any regrets over. I did this to my 88 Royale back in 96, except I didnt handle the short block, I dropped it off at a rebuilder in OKC and they supposedly did all this. It was burning oil 20k miles later. It did last thru the 12/12000 warranty though. Always ran well if sparkplugs were changed about every 10-15k. I always wonder if I had the skill and time to do it myself back then if I would have had the same outcome.
Costs back then start to finish was around 900.00. I had opted for the rebuild as opposed to a JY motor because I wasnt interested in a short life.
That, coupled with the GH advice to replace with a JY motor, led to my questiions