he said it would cost up to 600-700 to do it.

 

Holy crap, is he the only game in town? That sounded way high to me, so for fun I searched online. I don't know where you're located, but this machine shop in Alabama (first hit on the search) charges $320. http://www.paeco.com/Engine%20Block%...ine%20Work.htm
I would check around. At $600-700, more than just the block is getting reamed!!!

 

I would run from that shop and never ever take anything to them ever! It costs $160 to have a block align bored here, and even if you added the cost of the two main bearing caps you couldn't get close to $400. The end caps run under $90 ea. from Milodon. The guy is a crook, and you're lucky to have found out before you ever used him.