I will polish the rod and the crank to a mirror finish and also go over it carefully with my Starrett 721. Don't worry, I will for sure let you know how many miles or how much run time I get before it spins again. Then you can all say, I TOLD YOU SO!
Maybe we should start a wager on how long it will run before it happens again. I'm giving my polishing skills a confident 50 miles. Winner gets this crankshaft...
I'll be encouraging here. I think the very fact that you have a Starrett 721 raises my estimate of the miles you will get out of the job. You are probably going to be more careful than the average dude in your honing/polishing activities. Since I am the first one to make a guess, I will make a split guess: you will either get VERY low miles out of it (5-10 miles) or this will last thousands of miles--let's say 20,000 just for fun.
If I were doing what you are doing (and I probably would, notwithstanding my previous comment), here are some points I would keep in mind:
1. Since you have access to bearings, you should be able to go under size if necessary, so don't be bashful about getting down to a very polished surface. Don't stop until you do. It shouldn't be mirror finish, but almost. And circumferential lines or sanding marks are probably better than ones that run perpendicular to the journal surface, but it would be hard to make those anyway.
2. Hook up a little flexible hose to a shop vac and try to suck oil and gunk out of the oil galleries in the crankshaft. You'd hate to have some piece of sand or iron come through and wreck your new bearing. Also vacuum out the oil pump pickup.
3. Make sure you get a uniform journal circumference across the bearing surface--don't let it "cone" by using your emory cloth too much on one side over the other.
4. Make sure your work does not result in an out of round condition for the journal. In other words, go slowly, and make sure you are taking off the same amount the whole way around the journal. An egg-shaped journal will let oil out too quickly because it has low spots.
5. If someone put a gun to my head and forced me to choose only certain parts of the journal to really polish well, I'd say in the side that takes the load from the connecting rod on the power stroke.
6. Wouldn't worry too much about the surfaces of the connecting rod--they'll be covered by the bearing shell.
7. As mentioned before, use plastigauge, maybe even a few times around the whole journal to make sure you haven't left high/low spots. THIS IS PROBABLY THE MOST VITAL STEP. You can probably get to something approximating a good regrind if you take your time and measure a lot, and don't button it up until it is good.
8. Use lots of assembly lube, the good stuff, to make sure you don't spin the new bearing on startup.
9. Clean all of the crap out of the oilpan, change the filter, change the oil.
10. Before starting the motor for the first time, pull the coil wire and turn the motor for 30 seconds or a minute using the starter. You really want to get good oil pressure on that bearing right away, and this will get oil into the system before you start it and give it load.
If you are careful, I actually think you have a decent chance. Good Luck!