Jay, since your in the BIG state I would think there is a shop close by that can diagnose your crankshaft for you. Perhaps it could be polished or if never turned, maybe it could be turned maybe 10 thousandths and be just fine. I'm lucky as I have Spartan Crankshaft just a few miles from my house. I'd probably trust my own crank, and my own local guys, more than a reman.
I had a spun bearing in my 261 and the crank polished out nice. Hope your as lucky.
http://i140.photobucket.com/albums/r19/LutherParris/1950%20Chevy%20Coupe/Enginepictures007.jpgWhile you got the head off be sure to check the '848" head to be sure the coolant holes to match the ones in the block between each set of cylinders.
I don't know about the compression but what your stating doesn't sound to awful bad. Its not like you lost half of it or more.
Sounds like you had an oil pump to maybe die on you??? Clogged pickup screen??
You can find info your looking for here.
http://chevy.oldcarmanualproject.com/
