I bought a 55 TBird with a manual transmission and O/D last summer. The car is an older restoration. Somewhere in it's life the motor has been rebuilt. Last fall I installed a set of 57 "G" heads, rockers with new shafts, Holley 465 with a "D" code intake manifold and 57 distributor. When I had the heads off, I noticed the pistons where .040 over and there was no noticeable ring wear ridge on the block. The O/D transmission and the oil pump are leaking and the bottom of the car, clutch linkage and most everything else is coated with dirt and grime. The engine runs strong with good oil pressure. The motor smokes a little when you first start it up. Other than that, no complaints. I think it may have the stock 55 cam still in it.
I am in the process of pulling the engine and transmission. I want to clean and paint everything, reseal the tranny and install a new clutch if it needs it. This is mostly for cosmetic reasons as the car runs and drives the way it is. My question is this. While I have the engine out, can I install new rings, bearings and timing chain or should I rebuild the engine from scratch? I don't want to bore the block unless I have to. Might be a good time to upgrade the cam and lifters as well? Half way or all way?