I wouldnt do it this way...how can you check the crank bearing clearance, the end thrust, the connecting rod bearing clearance etc. , and change the bearings to make the clearance right if necessary, with engine still in the car...? I can understand your desire to do it economically but a fix like this may easily turn into a disaster. also you may not know what else was wrecked inside the engine when it ran out of oil...camshaft, rod bearings, pistons, piston pins? I dont think i'd even attempt to rebuild it to any extent because the machine shop bill alone is going to be very high

.
Maybe the cheapest, easiest and most satisfactory solution is to put in a used japanese engine instead.