So I have thought about the fact that in order to polish the crankshaft journals and have them still be accurately round, the crankshaft must be rotating–preferably in the direction which the engine runs. I have found 600-grit emery cloth online, which is 1" wide, and comes in a roll of 150’. I think that should be suitable.
My plan is to push all four pistons up to the top of the cylinder bore, and hold the emery cloth against the journal from below, while a helper turns the engine using an electric drill with a nutdriver bit on the crankshaft pulley. With a battery powered drill, low enough RPMs can be obtained to allow for smooth sanding. I will probably remove the timing belt to reduce resistance, and eliminate “jumping” due to the valve spring action.
I am also going to order a set of standard bearings, one extra standard-size bearing to use for mock-up to check clearances, two 0.25mm undersize bearings (one to use for mock-up) and one to actually use if necessary, and some Plastigage. And of course, a new timing belt kit, new water pump, new accessory belts, new valve cover gasket, and new oil pan gasket.