That is the nice thing about aluminum alloy cap and rod, they go first before the crank.
After washing and cleaning wipe everything down with clean fresh oil.
Yes, would not worry about the counter weights, as you stated, ground down from the factory to balance the two counter weights into specs, the journal looks good, at 0.993 to 0.995 with no hot spots, that is fine, emery cloth it a little with some oil if needed, wash, wipe clean and wipe oil onto it.
While you are in there check for end play, for the ABN and AKN within .004 to .002 using the shims, .006 over would be fine, little loose is better then tight, with the roller bearing you do not have to worry about readjustment, too tight and it puts a lot of side thrust into the bearing and flywheel end bushing
break in will wear it into happy zone.
Make sure the one way check ball on the oil pump is working properly, assemble in the crank case and work the plunger assuring it is filling the oil trough.
I have 220 & 240 stones. The 320's are a special order item at my local store (go figure). I hadn't thought of giving the cylinder a good scrubbing before final assembly. Sounds counter-productive to wash steel with water after removing the rust, but if you say to do it, who an I to question experience?
The connecting rod & cap are toast. They were 1.050" - 1.060", which is way over size. I have a new set on order.
The crank looks good and mic's at 0.993" - 0.995".
There are some serious heat marks of the crank counterweights, but I am certain that is from the factory grinding.
Would not worry about the rust on the bore after washing, getting the grit out is critical, a light application of engine oil after the water has dried would be good.
After assy you will ''set'' the piston rings during break in, light rust will be thrown out aiding in the break in.
Edited by trowel, February 17, 2014 - 08:10 AM.