There is a lot more to be considered than can be covered in short posts so get your engine rebuilding books and start reading. And a lot depends on just how far you want to go, for example to you want to service the bottom end as well.
0.005" max cylinder wall taper suggests, assuming the walls are in good condition, that you could get a serviceable rebuild with either new standard pistons or even the existing pistons if they are in good condition. It also suggests a fairly low mileage engine. You might consider either installing piston expanders or knurling or stipling the skirts for a bit better fit. Of course you'll have to hone the walls so new rings can seat and protecting internal engine surfaces from the grit of honing requires major precautions and thorough cleaning after.
Check the cam follower rollers and pins for wear. The roller pins are pressure-lubricated and excess wear can be a source for significant loss of oil pressure.
Of course you'll have to check the condition of the crankshaft journals for size and uniformity, and the condition of the bearings themselves, most especially the rod bearings. Assuming the engine hasn't been modified the rod bearings will be poured babbitt and if these need to be redone the best in the business IMO is Paul's Rod & Bearing. You provide the journal diameter and Paul's rebabbits and then sizes for your dimensions. They will also check the rods for straightness and alignment and correct as needed.
Main bearings should also be examined though there is much less chance of their needing replacement - they are again poured babbitt on brass half-shells but if they need to be replaced they will have to be align-bored to size on some very specialized equipment, so check this carefully.
Valve work will depend on what you find upon disassembly and inspection, anything from a simple hand-lapping to new or resurfaced valves and power seat refacing. The timing chain is adjustable for slight wear but it and the gears should be inspected. The oil pump rarely if ever needs any attention other than cleaning.
Thanks again, Owen. I really had not wanted to get into the bottom end as the oil pressure on the engine is quite good and there are no sounds indicating any problems. The car only has a bit over 50 thousand miles total. The previous owner had the car in his collection for 25 years and did virtually no work on it as it was never driven. However, it did just sit during that time. There is no record of what work may have been performed on this engine prior to that time. The car ran pretty well before I began this limited restoration work. Thanks again for all your help. It is good to be able to get quality information on this work as I have no previous experience with Packards. My only previous major engine work was on two Model Ts and a Triumph TR3A I had in college. Allen.
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