you should get a compression test done and/or a leak down test. replace the head gasket, water pump and many gaskets before you do this..
you don't need to build up the bottom end right away, but youll wish you did. its not.. will my bottom end last, its how long will it last. you can find bottom end kits from www.howellautomotive.com.
by building the bottom end, we are talking about new pistons and rods to handle the boost you are about to give it.