Ricardo has said it all. I don't post much here, but I would add these points:
The engine you have is usually a pretty good choice to rebuild, unless you have specific damage to a major part.
A good engine builder is someone who not only knows choice of pistons, ignition and fuel delivery improvements etc, but one who can FIT PARTS TOGETHER PROPERLY. Most of you have heard of blueprinting. All engines are 'blueprinted' to some degree, since the parts do have to mate together. How well they fit is one of the differences between a factory style rebuilding house, and a quality based small performance shop. Making sure that all surfaces are flat, matching ports, measuring bearing tolerances, are all part of the rebuilding process. I have to admit I deal mostly with older engines, 60's and back, so I also ALWAYS have the internal rotating assemblies balanced by someone with up to date balancing equipment. It makes a world of difference in how the engine runs, and how much vibration you feel.
Doing your own research on parts and pieces is important too, just like this thread, where experienced people like Ricardo can alert you to commonly made mistakes. Finding an engine builder who knows the differences between types and applications of engines is important too.
My due diligence on engine rebuilding includes balancing, guides, seats, valve springs, lifters, bearings, pistons, gaskets, fuel pumps, alternator and starter refresh, carburetor rebuilds, blueprinted HV oil pumps, billet oil pump shafts, high quality engine enamel coatings and powdercoatings, manifold cleaning and sandblasting, substituting stamped rockers for rollers, ARP fasteners, line hones, block decking, port matching, polishing, wiring, senders, gauge calibration.... you get the drift.
I don't have a performance boat, I have a cruiser. I do these things because I don't want to do them again soon, and I am a powerboater.... I can't sail back into shore if I have engine issues. I don't want engine issues, and I will spend a little more time, and a little more money to help make my time on the water safer and easier.
Personally, I like to get the feedback of an engine building shop I can communicate with, and an engine builder I trust. He is going to tell me the truth, and isn't afraid to tell me about small problems. The factory style shops have a budget, and a certain level of quality, and that's it. Engines are precision instruments. The more precision? The better the instrument. Find an engine builder who does high performance engines, and has racing experience at a higher level. That doesn't mean your engine has to be a race engine. It means the shop will understand the fundamentals of what makes a engine run properly, they will have more significant investment in up to date quality rebuilding equipment, and processes that are used to achieve the final 10% of build quality will be everyday routine.
Finally for all you greaseballs out there.... A marinized 1958 MEL 430 super marauder tripower setup. Built by Joe Bunetic, polished intake, for my hotrodded 1964 Chris Craft supersport. Just one part of a looooong exxxxxpensive hobby resto process:rolleyes: