Well, its been a few weeks and I thought I'd give an update along with some pics...
I picked up the motor from the harbor, and it was already completely disassembled and housed in several plastic bins. After getting the run down from the lead mechanic, I brought the parts back to the basement of my girlfriends condo (I live in a 1 BR apt in Chicago, which is already cluttered enough with boat parts and tools...thanks Katie!).
(Candid camera in the dungeon.)
I spent the first weekend going through the work order prepared by the yard, assessing the condition of the various components in question. The main items in need of replacement are: 1 connecting rod, full set of bearings, full gasket set, full set of valve springs, full piston rod set, thermostat, cam shaft grinding (which was already done by the mechanic at the yard), and I decided to have the main components (block, flywheel cover, etc...properly cleaned by a local motor shop).
(The block looks in need of a new paint job!)
(Exhaust Manifold and Valve Cover Plate.)
(The oil pan also could use a new coat of paint.)
After my inspection, I ordered the parts in question from MoyerMarine.com along with the Service and Overhaul Manual and some other basic tools from Amazon.com (piston ring compressor, engine brushes, degreaser, Permatex Form-a-Gasket, etc...). I plan on dropping off the block, flywheel cover, etc... at the engine shop tomorrow to have the old paint removed and the applicable components baked, acid washed (or glass blasted if appropriate) while I tinker with cleaning and oiling the misc. components such as the carburetor, ignition system, and oil pump.
(I examined the rods and pistons for damage. The bearing on one of the rods had begun to spin and was the main culprit in this rebuild...The mechanic explained that due to the spun bearing, the rod experienced compromising temperatures and needed to be replaced. I bought a used one off of him for $40 (top left).)
I've already started degreasing and cleaning the valves and lifters. Most of my today has been spent pouring over the Moyer Overhaul Manual. I've found this extremely helpful (along with some other great posts on this site).
Once I get the parts back from the engine shop, I can start to plan the reassembly.
One quick question: Before deciding on an engine shop, I called around looking form someone who can provide the correct services for the block, etc...and I received recommendations from other engine shops for the place I am ultimately going to work with. The shops owner suggested that we bake the block and perform an acid wash of some type to remove all the paint and gunk built up in the water jacket. The other components, he suggested, should be cleaned with a glass blasting (he said glass was less abrasive on the parts than sand). Do these treatments seem appropriate? I remember my father warning about the potential for pieces of the glass to get lodged in the "nooks and crannies" of the motor, ultimately causing problems down the road (he is rebuilding the motor of his 1968 Thunderbird). Is this something I should be wary of?
Well, that's all I have for now, apologies for the lengthy post. I'm always open to feedback/suggestions so don't hold back.