Sorry about the lack of updates. Haven't really done much over the last few days so nothing to report of any great importance.
So even though it's boring, here's what I've done so far:
Still ripping apart the busted up old 5M motor so I can eventually get the block home to play with. I'll be using it as a test bed for drilling the front dipstick hole. I'd rather make mistakes on an old block than ruin a good one! So far, I've removed the HD bolt (motor is so seized that I had no trouble getting it off with the block sitting on the ground) and the torque convertor. Still need to get the flywheel off, then it's on to the fun stuff - main and rear covers, bearings, and finally crank. By then, I'm hoping the block will be light enough that I can chuck into the back of the car and take it home! I'm anxious to see what a destroyed bottom end looks like when torn apart as this is a prime example.
As for the good motor, I've purchased some plastigauge and plan to do some measuring over the weekend, as well as cleaning some parts up. I'm also going to have a look at how much I'll need to do for the block and head surfaces (with the help of a straight edge).