I just tore down a 5.3 that had a lifter come apart. There was metal everywhere in the pan and the windage tray but very little in the pump screen and filter. For the most part the bearings looked perfectly fine. The main issue was the pin from the lifter roller bounced off the crank and busted a piston skirt before coming to rest in the bottom of the pan. The cylinder with the broke piston scratched the bore up. Now it will be a Iron LS1 build for me, ordered parts tonight.
I say a good cleaning and check over before reassembly then bearings for safety, cam, and rod bolts. If you want a little bump in compression you could put on felpro gaskets. Vatozone carries them for like $20 a piece with a installed thickness of 0.040.
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