http://www.peachparts.com/shopforum/showthread.php?t=223898
Sloppyjoec, My issue is a little different. There was no knock presesnt which provides me a much higher chance of replacing the crank and bearings with success. As Cervan was explaining, my clearances in the rod bearings have not yet been worn to a state that allows for 'slapping' of the crank surface against the rod bearings. There is a good chance that my rod caps are still undistorted.
If you have a knock present, you need to get under that car with a stethoscope at least, and listen for noises against the upper oil pan. You can drop the lower oil pan to check the bearings on #2 cylinder / rod to confirm damage before engine removal. (#1 can also be done, but must remove oil pump).
I have done a series of compression tests before taking the engine out and deciding to fix it. I agree with you completely, i would totally be wasting my time if I needed an entire shortblock.