That may be the question but there won't be a good answer until you tell us what you want to do with the car. With what info you've said so far I'll say keep the crank, rods, heads, block, windage tray, and anything else that can be reused or sold. Update the cam, carb, intake, valve springs, timing chain, don't go nuts with compression, and put some headers on it. Then just have all the machine work done to the heads, block, crank, rods, and have it balanced. Put some quality parts and work into it and you'll have a quality engine when you're done. It's hard to say update _____ with _____ without knowing what you plan to do with the car. Do you want a cool mild mannered cruiser or a street/strip monster? It makes all the difference with parts selection.