Well, I just had a 5.0 in the machine shop.
He checked the block for:
Deck flatness, was fine.
Bore, ended up going .030" overbore to clean it up.
Line bore, was fine.
Boiled the block, which then requires new cam bearings and freeze plugs.
Checked for cracks.
Heads:
Valve job
Checked the guides, they were fine.
Checked the heads for flatness. Milled .018" to get out damage from a blown head gasket (aluminum heads).
Check for cracks
New seals
Retapped some accessory holes, again due to soft aluminum.
Rods:
Cleaned, pulled old pistons, installed new.
Checked for straighness, fine.
Checked bores, fine.
(I have had rods that didn't check out, and needed resized. It is not common, but does happen.)
Crank:
Clean
Check
Ended up grinding it .010" on the mains and .010" on the rod journals.
I have the crank installed now, and it can be spun in the block with a slight push of the finger!
(No rods, no cam connection, and torqued to 70#s)
I hope the rest if the build is just as perfect.