Regarding the cam, the condition of the lifters will tell you a lot. If they're worn concave, you should have the cam reground or replaced if you can find one and have the lifters resurfaced.
For your crank project bear in mind that not all crank grinders are created equal. I have seen some pretty sloppy crank grinding with journals several thousanths off from any standard size. These require shimming behind the bearings with tapered shims unless your engine has the factory shim pack between the block and the main cap; nothing after 55 2nd production did that I know about. Canadian production might vary.
