Used Valves:  Out of a Nautique, I would certainly re use the valves and valve springs, replace only those that may be damaged.  Boats have low use compared to automotive use.  The RPM range is tame and cam lift is almost bone stock so those parts should be good as new.   Certainly do a valve job, new valve stem seals guides if necessary but spend the money where it matters.   Buy Moly Rings, they are kind to the cylinder, seat well on new start up and last well over 200,000 miles in a car.   Cast rings have about 40% of that life span and are very hard on the cylinder wall causing extra wear.   Fel Pro Marine gaskets use a stainless steel core that will never rust out.  They also use a Stainless combustion ring which resists detonation 3 times better than an automotive standard gasket.  All good for long Marine life.   When I was younger and broke I built my 78 Nautique engine with automotive parts because they cost less.   Engine ran 500 more hours for me with no loss of compression but my water I ran in is clean, no salt water.  Do they work, yes, are stainless better, Yes.   

Here are some part numbers for some gaskets you might be needing

Head gasket ......Felpro 17060 "marine" head gasket. How much different is it material wise from the 9331pt1 that you mention. You'll have to ask Mr. Fel or Mr. Pro about that. You'll have no nagging concerns if you spend the bucks for the 17060.

Oil pan gasket  Felpro OS30214T  it's one piece, it costs more and it's worth every penny and it's "oh so pretty" to look at 

Exhaust gaskets Felpro MS90000

Intake gaskets Felpro 1262S3

Timing cover gasket set  Felpro TCS 45450, 45008 or 45168 all work with slight differences in what you get for parts. Things like the front seal are included but you won't be using it since you have a RR seal for your particular engine.

Now of course you can find alternate stuff for any of those gaskets listed above from Felpro or a variety of other companies at a variety of prices  but these are all good choices

Carburetor spacer gaskets PCM RM0054B one above and one below the spacer to avoid vacuum leaks These are big and seal all the surfaces unlike lots of other gaskets that don't play well with the spacer.

If it's an Edelbrock Performer 2181 that you got when you were looking for manifolds, you can ditch the one inch stock spacer  but you still need a thin spacer plate for a Holley to seal right on the manifold.

I think Mr. Incredible uses some engine builder/machine shop in your area, your place won't assemble things for you?

As long as you have gaskets the same size as the spacer, you'll be all set

I'm also doing a "new" 351w build with the Edelbrock Performer 2181 and bought the Edelbrock 2732 adapter plate.

Not planning on using the PCM 1" spacer.

Did a quick measurement of the gasket thickness, and the PCM are thicker...

  PCM RM0054B = 1.6mm

  Quick fuel (came with M600 carb) = 1.5mm

  Edelbrock (came with 2732 adapter) = 1.2 mm

I think you'll also need shorter (standard) carb studs - I bought from Summit Racing (1.7" long)

I don't remember any mention of that

JQ

You won't have that issue

In a front sump engine there's a bunch of room for the Hi Volume pump

Kind of begs the question; What are the performace differences? Pressure, volumetric flow? Under what conditions would having the high volume pump show its value?

High pressure pumps are usually for Racers that run very high RPM.  The old Maxim I think spoken by Smokey Yanuck  was 10 PSI per 1,000 RPM.  He was a legendary engine builder and racer so people listened.

In your stock 351W a stock pump would serve you well.   If you want more oil pressure you can just change the relief spring in the by pass on the pump and raise your oil pressure.   Melling used to supply 2 or 3 springs with the pumps and instructions on what pressure they would hold.   Most engines when new have tight clearances and the pressure relief valve is opening below 500 RPM, so even at 500 RPM the pump is making more pressure and flow  than your engine needs.  As RPM raises you find out where the Releif spring is designed to open.

My 351W has only 200 Hours on it.   Cold start I may see as much as 50 psi,  once warm it has just under 40 PSI at idle and from 1,000 to wide open oil pressure stays around 45 PSI.   So my spring from the factory is right around 45 PSI, and the by pass is regulating oil pressure to stay at 45 PSI regardless of my RPM range.

A high pressure pump might show 65 PSI at 5,000 RPM.   

The stock pump is supplying all the oil your engine needs so no need to add more flow or pressure unless you know the engine is loose.   I try to keep rod and main clearance down to .002 on a rebuild.   Many build engines with .003 or more.   At .002 a stock pump will have great idle oil pressure.   At .003 the same engine with the same pump might see only 20 PSI at idle oil pressure.  More clearance = more leaks of oil pressure.

Great post, thank you. That brings up another consideration ...whether or not to run a slightly tighter clearance. As a stock rebuild with modest horsepower, it will never see the strains of, say a nitrous or even boosted engine. My thought is that it'd be fooling to mess around with that, but I do wonder.

The factory used to buy cam bearings in rough form, not finished to size, install them in a block and then run a broach through and it would size them straight and true for final cam install.   The aftermarket does not do this procedure mostly because of the time it takes for very little gain so you get bearings sized to fit and sometimes, maybe 2 out of 10 engines gets carved on to make the bearings work.   Castings are not always the same and have some variance from engine to engine so the factories sized the bearings to fit after install in the block with good tooling.  The aftermarket machine shops use the spoon and it works fine, just some leak more than others.  Don't sweat this information just accept it and know some engines will have better oil pressure than others and some get a HV pump to get the pressure back.  The HV pumps do use more HP just to turn them.  I would guess the number is no more than 5 HP wasted to turn the larger pump maybe even less.  The larger engine builders, over 250 engines per month used a SIM test machine.  Bolt the finished long block to the Sim Tester and it would spin the engine at 400 RPM or so while pumping oil into it.  While spinning they checked compression and watched the oil flow and pressure.  There is no valve cover, timing cover or oil pan installed on a Sim test so they can see where the oil lis leaking heavy from.  When one came in with a cam bearing showing a large leak it got the HV pump and went out the door, problem fixed.   The Sim tester was pretty cool, it measure AMP draw as it spun an engine over.  They had charts near the machine that told the tech how many amps or what range was normal for each engine.  So 351W the AMP draw was supposed to be within a small range.  If it was out of range that engine was rejected and sent back to find out what the problem was.   The SIM tester gave the final customer a Long Block that was tested and ready for use.  Only a Dyno run would offer a better test for the buyer but a single dyno run adds $300 to the bottom line so Sim testers were popular.  Smaller shops never had a SIM tester in house.

This is a bit further down the syllabus for me, however it's valuable information and will likely become essential as I am now tackling the assembly myself.

 It has 2 gears/sprockets and a chain in that set.

It sounds like you're gonna get a set with "silent" chain and matching gears/sprockets since you're not getting a double roller chain

The first thing you have to do is figure out if your fuel pump eccentric is one piece or two piece.

First picture .......two piece on the left and one piece on the right. Two piece is stamped steel, one piece rotates around the other. One piece is a heavy casting.

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Second picture......it's what's under the timing cover

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Third picture roller and silent chain

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I guess you'll have to figure out what you and the other guy are talking about 

Maybe he's talking about a gear drive setup with no chain

Great detail info Ken.