^ +1...you dont have the tools to do the hard stuff....as far as rebuilding..u might not need much honestly..if its a spun bearing..most likely a new crank or they will have to cut the crank and get bearings to fit it correctly..and then maybe a new rod..then new rings gaskets seals etc..im sure ur dad could do it..
however i hope if u do rebuild u get some high comp pistons and get some big power from that motor...

sneaking..since u seem to know alot about v8s etc..(and im a honda guy and everythings pretty much universal on them hehe)..is there another 350 stock pistons he could use to increase compression? ie using maybe some ls1 pistons over stock lt1..or something sort of like that....any info im sure he would appreciate..