Since you're there, you should use some plastigage and check it the right way. Eye-balling only doesn't really work that well.

 

^ This.

 

Since the bottom end is open, might as well just replace all the bearings. Since the crank is free, might as well have it polished and balanced. Since all the rods are loose, your a head gasket away from popping the pistons and re-ringing it. Might as well take a cut off the deck since the head is off. Hell, throw in a valve job too. By the time your done, you won't be able to afford to finish it. Think of all the time you'll save.

I know they mean well but the engine ran for 10s of 1000s of miles before you got it. I don't see any sign of scoring, galling, or particulate contamination on the bearings. Just normal wear. The odds that the crank wore itself bigger are impossible. If it didn't shred the babbitt off by now, it's going to be fine.

If I had just dropped in my engine (which I had already heard run) I'd be up and running by now. I would be enjoying the car while I saved up for another engine to build on the side if I really wanted to. Instead, I decided on a painstakingly complete, time consuming, and costly rebuild. If I had to do it again that's what I'd be doing.

 

Given my limited funds and how awesome the condition of the engine appears to be, I'm going to chance it and run it as-is.
Right now I believe my money is better spent on getting things mocked up and mounted together so it'll actually work in the car and run and drive,
I can always pull the engine out next winter and rebuild it for the spring.
Provided I get the car done, or at least driving this year. Who knows what the future has in store for my build.

Next hurdle is mounting the trans to the engine, and getting the starter to work.