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If the bearings have 205k on them, replace them regardless. They're not terribly expensive and it's worth the peace of mind. You should probably have the case cleaned and the oil squirters cleaned out while everything is apart. I'd also have the crank polished and magnafluxed just to make sure there aren't any hairline cracks that may be a problem.
I don't know if you can get away without having the rods machined, but I had mine reconditioned and balanced while it was apart.
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