I'm really in need of a cheap build this time around, I'm broke so dont flame and my 305 doesent want to be patched anymore very low compression on all 8.
Ive got a recently turned 350 crank sitting in my 305, a couple set's of new rings and new main & rod bearings, so I've got most of the components covered.

Ive got a complete 350 thats real clean except a couple cylinders got some rust about a quarter of an inch down, I cant hone it clean enough for my cheap yet fairly high standards.
How safe is it to run the ridge reamer down half an inch?
Also Ive got one set of LT1 heads left so I'm going to be using them, the guides seem good but I want to at least port the heads and re-lap the valves in. Any advise for lapping the valves?
I usually just let the machine shop take care of the machine work so you bet I wont be helping any friends out financially for a long time.

 

well, the ridge reamer is only suppoused to go down about a 1/4 inch or so. really it just makes it so the pistions will come out. if you go down too far the upper ring will catch in the grove while running. not to bash you on this but, if you have a ridge there it tells me the cylinder is worn and needs to be trued up (boring it over) I guess it is your call on the rust if it is only 1/4 inch down do the rings even go that high? it sounds close.

 

You'll have to decided if you are going to revive teh 305 or clean up the 350 before you proceed. It soulnds like you are leaning toward the 350.

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I've got a complete 350 thats real clean except a couple cylinders got some rust about a quarter of an inch down, I can't hone it clean enough for my cheap yet fairly high standards. How safe is it to run the ridge reamer down half an inch?

If the bores are straight, crank is straight, and nothing is terribly worn, ,you should be able to freshen this engine. Surface rust in the bores is not an issue if you can clean it up with some oily Scotchbrite pads. Scotchbrites aren't as abrasive as most kinds of sandpapaer and can clean rust particles from the iron without contaminating teh iron. Any remaining particles will be polished by the rings.

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Also Ive got one set of LT1 heads left so I'm going to be using them, the guides seem good but I want to at least port the heads and re-lap the valves in. Any advise for lapping the valves?
I usually just let the machine shop take care of the machine work so you bet I wont be helping any friends out financially for a long time.

Lapping can be done easily with Clove, Time Saver, or many other types of hand lapping compounds. Just make sure to thoroughly wash and rinse the castings afterward.

 

Thanks for the information and replies!
There is no real ridge in the block only about the thickness of a sheet of paper so no biggie.
I'm only expecting this engine to get me through the winter or until I can afford to build one of these 327's and can swing a real set of heads for them. Gotta have the A/C.
Thanks again!