What would be considered a descent rebuild for my 7afe engine. I basically want to know what I can get away with on this motor.

New rings, new bearings. If it needs to be bored, bore it. If there is any other damage that needs machine work, do it. Check out the oil pump really well, if theres any doubt, replace it. A new water pump isn't essential, but its really easy and cheap while the motor is apart.

Thanks for the info speedtoe. I got one more question that I forgot to ask though. Do you know if the 7afe is a non-interferance engine or not? I don't want to know because of the rebuild but I've just been wondering about it.

The 7afe is a non-interference motor. I found out when my timing belt broke and I was thankful that it was.