Align boring and honing is (imho) a very necessary piece of building an engine! I would always do that on a complete rebuild!
As for the billet timing cover, I would pass and get a chrome steel. I put a couple billets on SBC engines and there are always issues with them in clearances. The water pump always seems to hit the thicker flanges, so the pump has to be relief ground to clear. Should a pump go out on the road you'd be screwed, cause you couldn't grind the celarance for the new pump.

 

I didn't know that, but the covers I saw on ebay said that they were good for most short pumps, and definitely the long ones. Here is the one I was considering. What do you think?

SBC 350 383 Polished Aluminum Timing Chain Cover *KIT* | eBay

 

No issues with the Cloyes. Its now a real two piece though, its set up for my hex a just cam.

 

The issue we had with one that looked just like that one was right where it's trimmed straight on each side to clear the water pump outlets to the block. The thickness is more than a stock timing cover, and the pump wouldn't clear with a short pump. Maybe if you're using a long pump it might work.
I've got a short pump on my BBC, and it wouldn't clear, and same on the SBC in a '56 I did recently for a friend.

 

I've got a long pump, so I hope to have no issues.

 

Got my new BBC oil pump in the mail today. Came with a pickup too. I need to get me a SBC drive for it now. I need to clean up the oil pan next, and I would like to paint the block silver I think, or grey, something along those lines anyhow. I think it will look good along with the gunmetal color I want to paint the car. I'm inclined to paint it black, because it always seems like they tend to go that way anyhow... But I think it will be too much black in a black engine bay.

Either way, in order to paint it at this point, how do I prep it? It already has a paint job on it, it looks like just a layer of orange though the way it is coming off of the freeze plugs. Should I rough it up somehow, wire wheel it, sand it? And, should I use primer? I'm planning on masking all gasket surfaces off, covering the valley, and the timing area, and painting everything else. How do I paint the back of the block? Hang it from the cherry picker?

 

I'd go black if you're going to go with polished or chrome valve covers and an aluminum intake. There's so little of the block that can be seen once the headers and all that stuff is on, and it will look better when it gets some age and dirt.
Wouldn't paint the back, as it's covered by the bellhousing, so no need to ever paint inside that area.
Prep work and paint are what will make the paint stay on longer, so make sure all the loose paint is off. Whatever paint holds on good can be sanded and roughed up to accept the new finish.
Once you get all the loose paint off with a wire wheel, then spray it down with a good degreaser or brake cleaner to get any traces of grease off. After that prep it with a good high temp engine primer, then follow with a high temp engine paint. Don't use just any spray paint that's not rated for engine temps. Something around 300-350 degrees or higher should do it fine.
Mask off all the gasket surfaces, but if you get a little overspray on the gasket surface it wont stop it from getting a good seal. I've pulled engines apart that had all the gasket surfaces painted, and they still sealed great.

 

The trend now seam to paint the lifter valley and timing area. I aid oil drain back they say. I haven't tried it and just plain forgot on my last one.

 

I've noticed that. I sort of like the looks of it too, I may do that.

Would it be safe to go at the block with a wire wheel while assembled? I'd hate to lose a wire in there, probably should tape everything off first.

 

Yeah tape it up and have at it.