318 timing chain.....and why the engine should come out.

absolutely new rings even if the budget limits to cast iron rings- or at least inspect each used ring for wear across the face- taper MUST still be there as well as barrel not worn all the way across - by the time you take them out to clean the ring lands- and break one- well new rings would save a lot of time
on the mollies do a fine finish if you have access to a fine brush hone after your hone coarse
you can get a elgin or similar "engine builders" new cam and lifters for less than that budget
or get a regrind and new or refaced lifters I 'd stick in a used cam only if it was mine on the shelf already and I knew the history