As long as all the crankshaft journals measure out round within .001" with a micrometer, and not tapered, you can do a cleanup with a long strip of fine grit (#400 or finer) cloth-backed sandpaper and a shoeshine motion on the journals. Pulling the crankshaft all the way out of the block is almost a complete teardown situation because of the way the front timing plate and crankshaft interact. It requires removing the camshaft and lifters, fuel pump, etc., and then the backing plate for the timing gears. If you choose to polish the crank and fit new bearings with the crank in the block, be sure to clean it thoroughly with spray degreaser to avoid putting any sandpaper residue into the new bearings! Good luck, and remember to use the same size bearing as the engine had during the teardown. An oldtimer can have a reground crankshaft and undersize bearings from a previous overhaul. The bearing undersize, if any, will be stamped on the backside of the bearings, and rod and main journals are sometimes ground to different undersizes. Good luck!
Jerry
