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5 litre & 6speed, whether auto or manual sounds good?Hmmmm, Losh 5.0, does have a ring to it.
Just sounds like wear to me. As your timing chain is well worn one would assume that the bearings are too. If your guy reckons all the big end and main shells can be replaced without any crankshaft grinding that is good news and the shells have done their job as sacrificial wear components. May want to get him to check the top end (gudgeon pins and sleeves) while he is at it.
Do you prefer a proper job or a cheap job? While the donk is out and being stripped, I would check everything and replace whats worn so the motor stays back in and performing for two more decades rather than months. New rings? Check the cam bearings for wear? Oil and water pumps?
Look on the bright side - it will cost 25% less than if it was a V8