Since you're one a budget, I'd focus my money on making sure the machine work and hard to replace items are as good as you can afford. By that I mean spend the money to have the block torque plate honed and maybe even line bore the crank journals. Balance the rotating assembly and get good rods and pistons. They don't have to be expensive and fancy. What they need to be is correct for your current build and hopefully future upgrades. There is such a thing as going overkill on parts selection. For instance, you don't need H-beam connecting rods in order to have quality rods. You may not even need forged pistons. Though if the cost is only marginally more than hyper-eutectic, I'd consider the upgrade. Maybe even look into coating the crankcase area with that oil resistant paint that helps oil flow back. Or spending time smoothing out casting flash on the block to help oil flow back. Those are the areas I would focus on and the path I would take. I actually intend to take this path with my LT1 when the time comes. I recommend this because changing cams and cylinder heads later is easy compared to having to redo the block and rotating assembly. You do those right the first time and you can support a lot of upgrades later on.
Good luck!
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Trey
Current rides: 2000 BMW 540i/6 and 86 C10.
Former ride: 1979 Trans Am WS6: LT1/T56, Kore 3 C5/6 brakes, BMW 18in rims
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