I recently rebuilt my 454. Some of the work included:

- turned crank
- new pistons and connecting rods
- new cam
- new lifters
- new rings, bearings and gaskets
- bored .30 over
- new oil pump
- valve job
- resurfaced heads
- valve guides and seals

I did everything except the machine work and my total cost was about $1,500. It can be done for a reasonable cost, but you have to resist the temptation (and tempting from friends) to go with performance parts. I could have easily spent double that, but I'm happy with the performance of a fresh motor. I'm not pulling 5 skiers or racing anyone. I want an engine I can rely on and that's what was built. As the guy said earlier - it's what floats your boat. Everyone has a slightly different angle on what makes them happy.