Stopped by a machine shop today located next to Napa Auto here in Washington. I asked how much they would charge to rebuild my 216 engine. They told me $3500 to completely rebuild it with updated parts to function with today’s gas. Is that a rip off? Seems a bit pricey to me.
If you consider the cost to R&R the engine, assuming you're not doing it yourself, you can add another grand or so. I had the front sheetmetal pulled on my '38 and ended up paying more for the rebuild than a new crate motor would have cost. I'm not complaining. I went into the project with my eyes open. I'm just making the point that it's not cheap.