If the only difference is that the bearing insert is shorter by .250 I wouldn't worry about it. The engineers decided that they didn't need the extra length in later years so I don't think it will be a problem. The rear journal on the straight 8 is a mile wide by comparison to todays engines. There will still be way more than enough load carrying capacity on the shorter bearing. Make sure that the modifications to make the new rear shell fit will keep the oil groove in the bearing shell and the oil hole in the crank in alignment. As far as your other ideas, I don't know of anybody that rebabbitts old bearing shells. I think you are confusing poured babbitt mains with insert style mains. Two totally different set ups. A lot of what you are referring to in your post has to do with the poured babbitt and was made obsolete by insert style bearings. If you could re manufacture your existing shell to .020 under then yes it would fit fine. The babbitt on most bearing shells is just a thin facing layer. There is a lot more to bearings than babbitt. Research tri metal bearings and their construction. As far as align boring goes the fact that the journals are differing sizes makes no difference. once you establish your crankshaft centerline you can bore any main saddle, insert, or poured babbitt to any size you desire. How do you think that they manufactured the block in the first place? The tool is reset for every main saddle, not run the complete length of the block. You didn't mention if you trial fitted the rear shell with the rest of them. I'd put them all in and if they clearance fine and the crank spins fine and oil hole alignment is fine I'd use it and forget all the other stuff. Keep it simple. Good luck.
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