I am no exspert on these engines, but it sounds like you are going to be making some good power from this engine.

The proper thing to do if you wanted to use that crank would be to have it checked for cracks, straightness etc at good machine shop.

Personaly with the money you will be spending and the fact that you are making alot of power, I would shy away from that crank based on it`s age and intended performance level.

Hopefully one of the FE exsperts will see this post and chime in with some advice......

On a side note....if you have the crank checked and it checks ok, I imagine a restorer would probably give you some decent money for it to help offset some of your build costs.

If you just plan on cruzing this engine around in a ride and not drag racing it or beating on it too hard it would probably work fine,but it sounds like you are intending to use it in a high performance application, I would not risk the block or the new heads on it, not to say there is no chance of a new crank breaking also.

Being as you have none of the other parts anyway, you might as well put some stroke to it, it will help make more power at a resonable rpm level, which will make the engine live longer typically.

There are some great FE guys on here that will have some better advice on actuall parts, etc than I could offer.

Hope this helps some.