Those old blocks are hard to crack. You can even bore them well over the diameter of older generation blocks without worrying about overheating.
it definitely needs bored and vatted over night, but nothing more if it's not cracked.
I have the same casting number that I'm building right now. The .040 bore cost me $85.00 and the cam bearings installed cost me $45.00. Vatting it overnight will put you back about $50.00.