The continuing saga of my 73 W100 that I'm trying to get roadworthy. I had some trans, driveshaft, and motor mount issues that I've dealt with already. The trans has been rebuilt with the correct tail case now I'm on to the engine. My previous thread is here but I thought it would be best to start a new thread.
https://board.moparts.org/ubbthreads/ubbthreads.php/topics/2912234/1.html

Pulling out the oil pan pickup I found all of this crud in the pickup screen. I'm assuming it's a collection of gaskets and valve seals. The crank and rods show signs of the oil being run long/burnt. Given where I'm at I'm thinking about taking the plunge and doing the following to avoid putting a possible problematic engine back in the truck. The engine ran ok, with some smoking when it first started. Oil pressure was a little under 20 psi at warm idle. No weird noises while running. No idea on the age of the engine, not sure it's original or not since there are no vin numbers on the engine pad.

Here is what I'm thinking -

New rod and main bearings.
New piston rings and ball hone cylinders.
New oil pump
New water pump
Replace all core plugs
Pull heads and replace springs, hand lap valves, have gasket surfaces on heads machined for sealing.
Of course replace all gaskets and new rear main seal.

Outside of time and money is there any reasons I shouldn't take this deep of a dive? Is there anything else that I should do?

Thanks in advance and Happy New Year.