Hi Chip and Dave,
No mistake, the dirty numbers, with carbon, run to about .140. If it were a modern engine, I would trash it. As it is a 48 year old engine with about 1/4" of metal left in the cylinder walls, the machinist was making sense.
He is the machinist for most of the local hot racers at Englishtown Raceway, and he has a long, and hard earned, reputation for turning small block Chevy's into nitro burning, 400 CID, fire breathing race winners. I know that I just want a street and highway driver, that will last a few more decades. In most respects, that is not the same as a win at all costs, cutting edge technology, one engine per race, deep pocket racer. That is what prompted me to post my question.