If you are going to rebuild it I would definitely invest in a service manual, and pay special attention as to why #1 rod bearing only lasted 3 months, (if I understand correctly).
The crank can usually be welded back up and turned down to "stock" size, you will have to remove it tho. As to whether this is cost effective or not will depend on you and the cost and availabilty of a new one. You probably need to resize those rod ends too.
I agree with Norm tho, you need to find out why it's so bad (ie:did you have any oil pressure?) Although you wouldn't with that much air in the bearings.
You need to go thru the entire engine very carefully, there's going to be metal in every oil passage and thruout the engine.