Plastigauge is your friend. I just reassembled my engine doing exactly what you are talking about minus taking emery cloth to the journals. I was installing headers and after the 3rd snapped bolt I decided to yank the engine instead of drilling the broken bolts in the cab. This also gave me the ability to clean up the engine compartment and engine as well as get fresh paint on everything. After the engine was out I pulled the pan and heads to get a look at everything and found the cylinders completely smoothed and glazed so it was time for a refresh. I would have loved to do a whole engine build but it just wasn't in the budget right now. I cleaned everything and bought standard sized rod and main bearings and plastigauged each connecting point to see what they measured in at and everyone was within factory specs so out came the drill and hone to clean the cylinders than clean and reassemble. It is not back together yet due to studying for my finals taking up all my time but there is zero reason that it wont work.