If this was done as a project for school, First off, I'd start with a compression check and leakdown test to evaluate the condition of the motor. Then pull the motor and the oil pan and then check the clearances of the main and rod bearings to see if they are in spec. if they spec out fine, and the crank isn't scored you can usually just have a machine shop polish it and use standard sized bearings. If it needs a cut, it'll probably run you about $100 to have it done. You should also have a machine shop install new cam bearings, that should be around $50. If things are in good condition and there are no ridges in your bores you can get away with re-using your old pistons and just honing the cylinders. You won't be able to tell until you've taken the glaze off the cylinder walls. Then get new rings and gap them accordingly and check the side clearance of the piston in the bore and the ring/piston clearance. Next, disassemble the heads to check the valveguides for wear and check valvespring pressures and give them a good cleanup. Have the machine shop install new rod bolts (use ARP's or Milodon's) and clean up the rods. It would also be a good idea to have them do a clean-up cut on the block surface and the heads. If you stick with your stock rods/pistons, you can probably get away without having everything balanced but it wouldn't be a bad investment to have everything weighed and then balanced.
Anyways, good luck with the project, but do remember that these damn projects always cost more than you'd think.
If you have to do a write-up of somekind for your class, make sure to write down every number you come across,. You can never have too much data.
