Doug,
No where do you state why you're 'refreshing' certain areas. Did you leak-down the motor to determine bad ring seal? You state it has strong
oil pressure-so why change rod bearings? Do the pistons all have different deck heights? You give no reason for doing what seems to be unnecessary work.
ESPECIALLY in the car. Just because Clayton says he can doesn't mean you or I can-he's been professional at the top rung for 40+ years.
Further thoughts about honing: Without trying to insult you, your in-car bottle hone idea is laughable. I worked at World and we had the Rottler hone running 10 hours a day. Diamond stones with speed and feed set to a proprietary RA and hatch. Every block had a BHJ honing plate ($412 for SBF) torqued to spec in place. Those holes were ROUND. The next day, after assembly, that motor went on the dyno and by the third or fourth pull after 20 minutes at 2500RPM, went to redline, generally three or four times. They leaked-down less than 10%. Think you'll achieve that? You're probably better off how ever they are now-or pull the motor and do it right.
Now a head swap in-car is a different matter. Changing to aluminum from iron is a fine idea. I did it and the hardest part is protecting the car from damage while working. I would not do a cam swap in-car though I agree it can be done in many Cobras. I'd like to have better visual observation of the degreeing process than you get with fenders in the way.
The 1.7 rockers require careful measurement of coil bind and rocker throat clearance, not just p to v clearance or v to w clearance.
David's advice was sound but he forgot to tell you that his pan procedure was engine on stand, up-side-down. The gasket won't stick to the block rail in the car.
Look, if you need help understanding what 'zero-lash' is, how are you going to dial-bore the cylinders every 90 degrees at top and bottom of bores? And does your budget allow for a BHJ plate? If not you're just running a hone up and down crooked holes and making them wider crooked holes.
I gotta go with Brent, you like to be hands-on? Do it in a way that gives you positive results and satisfaction, not half-assed. And don't do 'make-work', that's the best way to waste time and money. Make improvements in power and reliability and if the basics measure and test good, leave them alone.