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It's complete teardown of the engine. Likely will be removing it from the car.
Ask the shop for an itemized list, different shops will have different numbers.
And since you're going to all that trouble why would you just replace the rings? Every bearing and wear item should be checked.
As a comparison you can buy a 5.7L short block from Summit for about $3300 and you would have labor on top of that.
If you have more than 5,000-10,000 miles on the engine, if installing new rings, rule of thumb is rings and bearings. So if I was doing this, new cam bearings, rod bearings, and main bearings. One thing to keep in mind is if it is a high mile engine, the piston ring grooves will also be worn. You have hardened steel/iron rings that propel the car with tremendous downforce on aluminum ring lands. Aluminum will wear some. I measured a 30,000 mile set of forged pistons once, and got .0003"-.0005" taper from deep in the groove to the outer edge. Factory hypereutectic aluminum pistons may be slightly harder than forged, but in a 100,000 mile engine, I guarantee you have at least .0005" wear, and probably more. If the engine is torn down far enough to install rings and bearings, I'd install new pistons, as well. Unless youre going FI, or N2O, stock replacement hypereutectic pistons are fine. If in the future you might go N20 or FI, get forged......
Do you need to change rings and bearings? A compression test can tell a whole lot for very few $.
The level of rebuild effort will be a direct driver of cost. If your desire is just restoring compression and oil pressure it can be pretty cheap — if the cylinders are good. If you find the right shop, you might get by with a pressure wash and hand hone — but anything less than a truly clean block is a risk. A trip to the machine shop for a dishwasher and honing will run $600.
WS6 retails what looks to be a terrific kit for the LS1, pretty much every thing short of a cam for $700:
http:/www.ws6project.com/user_stor/catalog/product_info.php?products_id=8564
You can spend somewhat less by re-using more, such as pistons, but you can’t know if they are good without having them in your (or your mechanic’s) hands.
Figure at least $1K for engine removal and install. Another $1K for mostly baseline parts. And probably close to $1K for engine assembly.