Grinding the diameter of the journals down is not a problem with Ford engines. In fact the smaller dia. reduces the surface speed of the bearing. Ford used very large diameter journals and there is no reason to worry about grinding .020 or if you can find them .030" from mains or rods.
It looks like there was lots of crap in your engine that ate the crank and bearings up. You want to have the entire engine, block, heads, crank and rods magna fluxed to check for any cracks. If no cracks then go to the machining. Go with new ARP bolts for sure.
A good engine shop should check the rods for twist and size and correct as needed. I would go the extra step of dynamic balance also. Everything from the harmonic balancer to the drive shaft should be balanced.
I do not like some of the kits they sell. They weld up a stock crank and grind back to nominal diameter which only induces stress and possible failure points into the engine. They do what is called spray welding and that sucks in my opinion. We tried it on tooling and it was very sorry and did not perform as they said.
If your block is numbers matching you want to try to keep it for sure.
Just my thoughts.
