$50 Craigslist 360 EXTREME budget rebuild??

Well any suggestions on prepping the block will be much appreciated. At this point I'm not sure if I should buy the dingleberries or by that three bladed thing for honin the cylinders? And I was also thinking about how to clean up places like The main bearing races and the insides of the lifter holes? I'm winging It On A Prayer here and kind of the little motivated to get it done.
dingleberries for sure.... I've used both. If too much rust everywhere, it gets time consuming because it really needs to be removed from critical areas. I don't take anything apart anymore unless I'm going to get it done. You might have to pay for the block to get hot tanked. Machine shops will know what to do to get rid of it, but they might get ya 150 bucks.... and that's what your trying to avoid.