Thanks all. This is kind of an "on the cheap" and a "let's do it right" build mixed together. I think just to be safe I'll strip the block and have a machine shop hot tank and clean up as needed. This will be my first engine teardown (not new to working on cars, just never got into the internals of the engine) so I'm kind of nervous to mess anything up. I've got plenty of reading material that I've already shot through (JTR, Haynes, How to rebuild the small block ford) that should help me through this.
The How to Rebuild a Small Block Ford book has a good list of items to discuss with the machinist when performing a rebuild, but I don't think I need everything on that list. Unfortunately I'm at work and can't recite it verbatim, but I'm assuming some of the things I would want the machinist to look at would be:
-Bore size
-deck "trueness"
-drawing a blank on anything else
I'm not trying to sink a ton of money into this block but I do want it to be serviceable.
Side note, do I need to disassemble the heads before having them cleaned or will the shop clean with with the valve springs, etc. on them?
I appreciate the responses. BTW, just picked up a T5 today for a good price off craigslist:). Closer to getting this going...