89 360 engine

I have never rebuilt one before but that was my plan was to learn and hopefully succeed. If I need to send it out for machine work then I'm okay witj that. Any suggestions on if I should leave heads bone stock and just do cam and lifters?
Again, my $0.02. It depends on your budget, what the engine needs and goals for the engine. If you are really lucky, and the engine is pretty good internally, maybe you could get by with a "Refresh". New bearings and rings, a quick hone job, a quick Valve job, reuse the cam and lifters if they are OK and a gasket kit. This rarely happens, but you might get lucky. That being said, I would highly recommend a more thorough rebuild if your budget allows. The next two suggestions assume the engine does need machine work. If you are on a tighter budget, find a decent machine shop to bore and hone the block, turn the crank and do a good valve job with new seals, retainers and springs. Buy budget minded pistons, rings, bearings and gasket kit. Buy a budget minded cam & lifters. Buy a decent intake (stock 68-70 340 Intake is great and not terribly expensive, and it was very good), and a decent carb around 600-650 CFM. you should be able to get 300 HP easily on a budget. If you are NOT on a tight budget, have the machine shop bore and hone and deck the block, turn the crank, do a good valve job with new seals, retainers and springs, and resize the rods. You should also spend the extra money to have things magnafluxed. Buy better pistons, rings, bearings and gasket kit. Buy a better cam & lifter kit. Buy a better intake (Aluminum high rise), and a decent carb around 680-750 CFM and headers. You should be able to get 360 HP easily without breaking the bank.