Hey Joris, I'd agree a short engine is the best way to go. All the complicated bits are done you just spanner the bits on. The best way would be to try and find a Factory Exchange, you send your lump back to the supplier they send one ready re built. The joy of a T-214 is that they are simple well built engines that don't need a lot of specialist equipment to rebuild. If you have the lifting equipment to take it out and somwhere under cover to work I'm sure you could take it apart get the crank, block, head or whatever needs doing by a specialist machine shop, then reassemble. The problem there is time, it will take a lot longer than bolting a short in. If you have the time though that may work out a lot cheapear.
I'd find out the cost of reboreing etc, then the cost of a short engine. A lot depends on what you feel confident to do and where you have to work.