Thanks everyone!
On a side note, I'm pretty sure that the engine was NOT previous rebuilt. When I'm sure the flywheel had never been removed as it took some beating to get that thing off. Also, everything is still standard size, bearings, crank, etc.
What would a 'rebuild' entail usually? I think the previous owner probably got hosed by his buddy mechanic and just got a re-paint!
Couple of other questions, the machinist said the cam should probably be replaced, it had a little bit of rust but looked ok to me. He said it could last another 20 years but maybe not. Also, replacing the oil pump? He suggested to solely because everything else would be new and not to risk it.
Fuel injection pump rebuild? Should I? Do the 3GMF injection pumps ever have problems?