I'm not an expert, but since you haven't gotten too many replies I'll chime in. That sounds pretty loose for rods to me, I'd think your oil pressure would end up pretty low even with an HV pump and 20W50 oil.
Are you sure you have a standard .030 under bearing in there? As mentioned perhaps the rods need resizing. I'd shoot for more like .0025-.0030.
 That's awful loose.
CHIP
'70 hemicuda, 575" Hemi, 727, Dana 60
'69 road runner, 440-6, 18 spline 4 speed, Dana 60
'71 Demon, 340, low gear 904, 8.75
'73 Chrysler New Yorker, 440, 727, 8.75
'90 Chevy 454SS Silverado, 476" BBC, TH400, 14 bolt
'06 GMC 2500HD LBZ Duramax
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