I'll echo IJ here. If you can have both the head and block checked and surfaced (aka: machined) then run with a MHG. If you cannot have the machine work done, then an OEM with ARP hardware performs VERY well. Given that there aren't any other issues...
As far as rolling the dice...I've been rolling them for about a year. The difference is that the head only had 4k miles on it, still had a mirror finish, and all surfaces were within TSRM spec. I'm currently running an HKS 1.2mm. It's still a gamble even at that...
GrKBooSt: If the block is out, just replace the bearings. It's not hard nor all that expensive. Even on a tight budget. Driftmotion sells a full bearing kit for like $60.
I'm in the middle of the very same thing right now actually.
I'll add one more thing: BHG = Rod Knock. Therefore, BHG = New Bearings.