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With the price of a longblock compared to a potential fail rebuild I would go for a longblock.
problem with rebuilds is... unfortunately, there are so many details, often some are overlooked. and it only takes a single detail to be overlooked for a catastrophic engine failure.
Imagine a situation like this... a couple of spun main bearings. So you tear it down all nice, bag everything up individually, follow the FSM procedure for runout and dial bore gauge all the rods and mains... You do your research and find the right machine shop, he tanks the block and measures everything and double triple checks... everything looks good.
Little did you know, a .028" bit of copper was lodged in an oil galley where nobody could see it. You fire the engine up... and you guess the rest. "surprise"
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