It should save you some $$$ by disassembling, but talk to the machine shop 1st. The question of the day is do you trust this shop? The 7M is very intolerant of any clearance deviations and there are a couple gotchas involved in block assembly...the main ones:
1) Before the cylinders are honed, the rear timing cover & timing belt tensioner needs to be installed. The tensioner must be torqued to the correct value or it will pull the #1 cylinder wall forward creating a low spot when the cylinder is honed or bored.
2) The rear timing cover must be in place when the block is decked so the top is flush with the deck. Otherwise the front cover will keep a HG from sealing.
3) If you use ARP hardware with the rods, you must use ARP torque and re-size the big ends with the ARP hardware installed. Same for the mains, only this will require a line bore. Both rod and main bearing clearances are critical...I go for mid-spec.
4) Piston to wall clearance should be set close to min spec...that is unless you want to have piston slap.
5) If the block is hot tanked, the oil shaft bearing needs to be replaced...this is a PITA. The oil feed hole must be aligned correctly and the bearing honed to the correct clearance.
6) if using a MHG, both the head and block decks must be very smooth. Go for a 30RA, that will meet the spec for any MHG out there. The smoother, the better. For a stock HG, the decks do not need to be this smooth...a standard machine finish is fine.
7) When using ARP hardware securing the head to the block, use ARP torque spec's.
8) Pay attention to all torque sequences...the mains, the cams, the head. There are sequences for disassembly as well.
This is off the top of my head...like I said, the 7M is very intolerant of assembly errors. Read the TSRM on block disassembly/assembly...a couple times. Then you can ask what questions you have.