When my 472 blew a headgasket, it COULD have just been refreshed, but I noticed a couple of things that in my opinion needed to be corrected. First off, the engine was "rebuilt" and had very very few miles on it. Maybe 1000miles.
1) There was 1 piston that was different from the other 7. For whatever reason, 1 piston needed to be replaced at the previous rebuild.
2) Of the 7 stock pistons, 1 piston had a broken off skirt. Meaning the one that was replaced was probably cracked, one more had cracked, and so the remaining 6 were probably not far behind.
3) Cam was wiped out looking. Looked more like a bad core than a bad cam grind.
4) Rods and Main Bearings were chewed up.
This meant that the MINIMUM parts that had to be replaced was;
1) One Piston (but ideally all pistons)
2) Camshaft
3) Lifters
4) Bearings, Rings and Gaskets.
Minimum Labor required;
1) Hone/Deglaze Block
2) Clean up deck surface (heads and block)
3) Knock out plugs and bearings, and knock new ones in.
4) Polish Crank
5) Reassembly
If you work out the minimum parts above, I could have gotten 1 used or new piston from MTS, install it on the rod. New cam, lifters, bearings, rings, gaskets, etc... Polish crank, hone the block, clean and rebuild the heads. I was looking at about $2000, with parts, shipping, and local labour. (The canadian labor seems to be more expensive). If my rebuild was going to run me more than $1200, it was not worth doing for a "stock refresh" type build.
I decided to jump the gap from $2000 to $3500, and go for quality parts. I probably made $1000 in mistakes, and another $1000 in fancy parts I didnt consider, like studs, valves, valve seals, porting, etc..
I couldn’t bring myself to hang new forged pistons on stock rods, so I got new rods. I couldn’t bring myself to install these new parts into a stock block, so I had all the machining done. Bore/hone/line hone, ported heads with bigger valves. Big-ish camshaft.
My point is, I would not go through the trouble of exotic machining for stock parts. And I would not put shiny new parts in a poorly machined block.
That being said, measure the block out. You may not need any machining at all. A lot of the stuff I did was for peace of mind. Very expensive indeed.