Vince-
Congrats!! Looks great.
Just my opinion, but I think you should "hot tank" that block. Seems like you've got rust gook *everywhere*. Do not even think about a rebuild until you get the block spotless.
Hot tanking will destroy the cam bearings (and the engine ID tag), but any decent machine shop can press new bearings in for a nominal fee. Take your (new) cam with you.
What is the rebuild plan? At a minimum, I'd line-bore the block, clean up (or rebore) the cyls and polish (or regrind) the crank. Spend a few extra $ and "index" the crank if you need to have it reground. Have the rods cleaned/shotpeened/straightened and take your pistons and have them press the gudgeon pins. Take the flywheel if you plan to have it balanced.
All of this might seem expensive now, but you'll do this one or twice in your cars life... do it right.
--Scott