I am far from being a professional engine builder, but I have built a number of engines in my day. I recommend buying a copy of the book of "The Ford Y-Block Origin-Maintenace-Rebuild" by James Eickman. I am sure it's available. It's an old book, but very useful.
The area around the thrust plate needs your attention. I have always cut slits in the back of the plate as the book shows. Do a test assembly and make sure you have enough cam end play. These engines are old. Many of them have mismatched parts. My current engine was a total Frankenstein. You don't want to go to all that expense and trouble and find out you have a problem like that.
There are a number of ways to improve oil flow to the rockers. My engine has a new Isky cam. I put my cam in a lathe and cut the center grove to .030" deep. I almost have too much oil. In my case, I left the rocker tubes as they were and I have as much oil as you will ever need. Closing the tubes and pressurizing the rockers is another method. I have built engines in the past using this method as well.
Choosing a machine shop these days is tricky. Most of the younger guys have never seen a Y-Block. Find an old guy that learned from personal experience. Check everything twice. Most of these engines need to be align honed and decked. After all those years the blocks are warped and the caps are sloppy.
You will receive a lot more information on this forum. It's a great resource. Buy the book and you will have a great start.
