That journal is not really a candidate for just a simple polish and new bearings. Besides the grooving, if you look close, its either got some debris embedded, or it was rusty at one time as you can see the pitting, or both. If the rest look similar, you might consider pulling the crank and have it machined to whatever undersize needed to get the journals cleaned up. Your new bearings will certainly last longer. If you decide to go down that road, also ask the machinist to drill and tap the crank snout for a balance bolt, small block chevy will work. Makes removing and installing the balancer much much easier.
