Nightmare path to go that! If its a stock 4.2 crank set then you need to build it on a 3.9 - in which case cross bolting is not a bad idea as long as it is very late block, (ARP studs are nearly there), I've just about finishing a TVR 4.3 (same as 4.2 but higher comp ratio and valve cut outs on pistons), and to find pistons for 4.2 is almost impossible - I did find a few but they where £130+... EACH!!!!!!!!!!! Turns out 4.2 where a special by JE.......
Anyway before spending loads of cash on it, I would whip off mains and a couple of pistons have a look at crank, if major gouges/scratches (feel them with finger nail) you will need it reground you can exchange with real steel at around £150, then you will need bearings £80ish quid, next take a look at bores, important to check if any scratches, again finger nail test is good for indication, and finally if there is any feelable step in top 5mm of bores, if there are any you can be looking at a £400 quid bill, at which point your looking at £600 -£700.....
....A lot of money for a 3.5.... At that point it would be worth considering going down a 3.9, easily found from most of the V8 people, if you shop around, JUST MAKE SURE YOU GET A PRESSURE TEST CERTIFICATE with it.....
Other thing to bear in mind is on the heads, biggest thing that robs power is poor valve seating and gerneral sh 1t build up, again before spending a lot of time, get the heads vac tested, a great contact to speak to is this guys:
HEAD SEATS & VALVES
176 ARGYLE STREET
B7 5TE BIRMINGHAM , WEST MIDLANDS
Phone: 0121 327 2232
He will talk you through it, but your looking again at around £250 ish quid for getting both sorted, mind you at a bit more price Ray at V8 developments could sort you out a very, very nice stage 2 head, with double valve springs, etc, 6500 rpm!!!!!!!!!!
Other thing to watch is rockers, I went on a mission to try and find a OEM set of thoose, (plenty of steel, don't quite fit, MGB stlye ones around, some are ok, but just be really carefull!!!!!!!!!!!), but ali ones are almost imposible to get now, again found some at a LR dealer and they where asking £35 each!!!!!!!!!!!
Other thing to check is front cover and oil pump cover, if these are knackered, figure £500 - £600 for OEM parts and £350 - £400 for repro, (V8 tuner where selling these repro, but at last check he could not get them....)
Anyway my point is this, I would think really carefully about doing a rebuild on 2 engines as it will became very apparent that over the last 4 years, parts are getting SERIOUSLY hard to find, and stupid expensive (just check out all of the omissions real steel have made between 2009 and 2011 catalogue). End of rover v8? well future is not looking good.....
.....Not great when you can buy a complete NEW LS3 motor for £3K.....
Oh cannot recommend Ray and Shaun at V8 dev more highly!!!!!!!!!!