Reconditioning the babbited rods is somewhat of a lost art, as most of the equipment to do the thinwall rod relining on the Chevy engines has been retired long ago. Thicker, "poured Babbit" methods don't work well on the Chevy rods. There is a machining process that bores the rod out for a special insert-type bearing. You end up with a "better-than-new" fix that's not obvious to the casual observer without an engine teardown. You'll still have low-pressure splash lubrication to the rods, however. When I was working at a machine shop in Nashville, Tennessee, I was the guy who bored/honed the rods for the inserts. The rest of the rebuild is pretty routine, not much different than a non-babbit engine.
Jerry
