How did it run prior to it spinning a bearing. Did it use oil/smoke, did you have to keep topping it off with water, was it losing power before hand?
My answer would be to rebuild the engine you have. Once you start modifying there is no end in sight. Since its already a full pressure engine with inserts (bearings) the engine rebuilt should last you a life time. If it ran good before hand, and compression was good, a mechanic may be able to do the crank/bearing stuff from the bottom rather than completely tear it down.
I'd do a little research in town and ask questions pertaining to a good mechanic and then get some estimates.


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