This is an interesting thread. The last piston I saw go in a 350 was because of a valve float that hit the piston. Broke the valve head off which got crossways in the cylinder between the piston and the head which split the piston like a log splitter out to break out the block. Amazingly, the local machine shop salvaged it. I believe they installed a sleeve of some kind. Since this 350 was a 4-bolt main engine, it was definately worth salvaging. The beauty of that approach too is that the good cylinders didn't have to be oversized with new pistons added. The offending head was cracked, but everything else was salvaged. Over-reving is the usual cause of that type of problem. Those usually occur with a missed shift on a stick though.
As far as tools go, I prefer the SK for two basic reasons. First of all like Craftsman, they have a lifetime guarantee. The second reason is that the ratchets have a finer graduation on the ratchet mechanism. Those of you who have worked on Corvette know the value that can be in the small places you usually have to work in.
The only piece they don't warrant is the 1/2 to 3/8 adapter, so I get that from Sears. Some of the older Crafstmen ratchets do have some handy features though. On some of the older units, the reversing mechanism is a small lever in the ratchet end which is really handy to us. Those also have the socket release button on the ratchet which is really handy for those of us whose fingers aren't as nimble as they should be. It's really nice to have both in the small 1/4 in and 3/8 inch ratchets.
You really should have access to an engine puller and engine stand also to work on it. For those of us in Minnesota, though, the most important thing is a heated shop. One thing you can count on if you get set up though, is a lot of friends.
Good luck
Clark