I don't love looser rods, mains I couldn't care less, but as Brent says, it'll be fine. As they say, "loose, nobody knows, tight, everyone knows"
BTW some bearing P/Ns are tighter than others, which do you have? There is a 427 part number that is getting harder to find, I don't have it here with me, but it adds clearance. Worth keeping on the shelf if you don't need the clearance
I also agree with the pump and oil recommendation, but I'd push to the HV, only because of idle oil pressure with the bigger gears, off idle there is nearly no difference.