I agree with meinmelb here. No need to pull apart the bottom end to do bearings or rings, unless you see wear or a step in your cylinder walls when you remove the heads. At 330 hours, they are likely to look very good.
I also agree that the block does not get anywhere near the rust that the manifolds get. My 1987 OMC was used in salt water and fresh water, until I sold it in 2012. That's 25 years. While I never had the heads off, looking under the thermostat housing the rust in the block was not that significant. It was only the Exhaust Manifolds and Thermostat housing that would get badly rusted because they don't remain full of water.
I would suggest your plan of Vortec Heads, Manifold, and CAM. Least important would be the carburetor, as a 5.7L theoretically draws 500cfm at 4937 rpm and you can't run an I/O much higher than that anyway.
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"Knot Easy" 2000 Horizon 240 Volvo 5.7GS /SX
tow: 2017 Honda PILOT EXL-AWD
prev. boats:
'87 Chaparral 198CXL 4.3 OMC Cobra
'69 Jetstar 16ft Ski Boat, 115hp Yamaha
'68 Aluminum Jon Boat, 3hp Sears
'64 Water Wings