Those are really simple engines to rebuild.
The cracked blocks are freeze cracked, not really something to blame on bad design, but it is worth looking into.
The crankshaft thrust bearings were troublesome, but repairable.
The pistons/rings/liners are replaced as assemblies. The liners simply sit in the block.
Disassemble the oil pump and inspect it carefully. They are minimally built an have reputation for the drive pin failing.
Look the governor over carefully for cracks in the cage, known for failing and dropping pieces of metal in the cam gear. Best replace if in the budget.
Where the machine shop comes in is having the head worked, the crank checked, turned, polished, whatever it needs, the rods checked and new bushings fit to the new pins.
With a shop manual in hand, you doing the basic work, letting the machine shop only do the necessary work, this is a doable job. Having a drop in ready engine is going to greatly increase the cost! A lot depends on where you live, and how wiling the shops are to even help with it. More rural areas are more willing to help. I live in the DFW area, and can't name a single reputable shop that will even look at an antique tractor engine!
Back to your original question, things to do while it's apart, visually inspect the clutch, pressure plate, flywheel surface. If any doubt, replace the clutch assembly.
Look at the starter gear on the flywheel. It will be worn in 2 places 180* apart. It doesn't need to be perfect but if any teeth are worn more than 1/4 gone best replace it. On the early engines, the gear pressed on from the back side of the flywheel. If converted to 12v, the starter will try to hammer the gear back. While you are in there, tack the gear in place, especially if converting to 12v.
And replace the transmission input shaft seal. Easy and you're right there.
Take a look at the front axle, the pivot pin and bushing, Chances are it is beyond worn. If the bushing is worn through, beyond the bushing into the bore, it will need to be sleeved and restored to the original size.
Have you checked the transmission cases for water? Very common for it to collect water, it gets in around the shifter boot and condensation. That can be dealt with any time, but if it's full of emulsified oil and water, it will take days to drip out. Don't be tempted to take the square cover off the bottom, that is not a cover, it's the hydraulic pump.
The electrical. Unless it's already been replaced, be prepared to either patch it up, or replace it all. You'll need to decide if you are keeping the generator and 6v system, or going to an alternator and 12v.
The gas tank. It's off, if it is original, unless it has had meticulous care, it's a rust bucket! A rust flaking tank will be a constant source of flooding problems!
Steering gear. Chances are it is dry, full of water, or leaking. Now would be a good time to open it up, clean it out, replace the seals, and pump it full of grade 00 grease. It won't hold gear oil for long.
Let us know how it goes...