This is the 1st time I've done small block, so I'm not sure what the effect will be yet... but, on the big blocks I've done, I noticed quite a bit of low end gains, top end was about the same (maybe a hair better), mainly just had more torque though...
Porting and polishing is not hard imo.. BUT.. 1st- you need to read a
lot, do tons of research before you jump into it so you have an understanding of what you're doing.. 2nd- you need a steady hand.. 3rd- you need a Dremel with the right tools.. 4th- I'd start on a motor that you don't care about to practice on.... [link=http://www.rcuniverse.com/forum/m_5226191/mpage_1/key_/tm.htm]here[/link] is a good place to start, there's tons of info on the net though...
and last... I wouldn't worry about doing it to your new motor, you're going to have tons of power on tap already

.... If you really want to give it a shot, I'd mess around with motors you don't care about, that won't be a 'loss' if you mess up (piston and sleeve anyway)...
Mine should be up and running by the weekend, if all goes well...