That is sort of the gist. You will want to get the crank cleaned, and the journals polished on any crank you use for a rebuild. You could have the crank balanced at the same time, but that is not strictly necessary. Most of the time you could actually just have the crank polished, but I can almost guarantee that the journals on the one in that motor are worn out of tolerance just from watching how bad the motor shakes ... it would appear that this thing spun the first bearing several thousand miles ago.
You will also need to check all of the parts on the motor. The first thing you want to look at really is the head, in worst case scenarios the piston can start hitting it. That is pretty unlikely on this motor, but the pistons and head are done if it happened, and you will spend more money on the motor than it is worth even considering the learning experience. Go find a complete 4AC that ran and turns over easily if this is the case.
You will also want to check the rod ends to make sure that they are with in acceptable tolerances before you decide if they are reusable (if it's down more than .020 then it's junk).
You will want to replace the piston rings, and all of the seals and gaskets. It is a good idea to replace all of the freeze plugs as well. While you have the motor out you should replace the oil pump and timing belt as well.
That is all just off the top of my head, there are definitely more things to consider. Don't be intimidated, it is all pretty simple once you get into it. The main thing to remember is to take your time, and always look up the correct way to disassemble and reassemble each part you are going to tackle immediately before you do it so nothing slips your mind the first time.
Good resources:
http://www.amazon.com/Engine-Builders-Handbook-Tom-Monroe/dp/1557882452/ref=sr_1_1?ie=UTF8&qid=1390811945&sr=8-1&keywords=hp+engine+builderYouTube ... just look for videos by professional shops, not the amateur stuff.
https://www.youtube.com/watch?v=JFXVIH85xw0 <- that is a pretty decent series, all be it for a very different engine.