I have a very different view of what a Pponk costs than Russ, and I am CERTAIN his numbers
are accurate
I am also very certain that installing a Pponk in my airplane was a difference of a couple grand +/- over rebuilding an O-470. IMHO calling it a $48K build up is no different than the guys who claim spending thousands on an annual... (BTW, just annualled my 180 and the bill came to $400.

) If you are the guy who counts all the MX you should have attended to earlier, but put off until annual, as part of your annual inspection bill... then you will be the guy who spends $50K on an engine upgrade.
For me the math was simple;
$25 K for an O-470-50 built up by a meticulous builder or $22.5 K for an equally meticulously built O-470.
In either case, I wasn't going to hang that much money on the firewall without a remanned engine mount. So that cost is a wash...
In either case, I wasn't going to hang that much money on the firewall without an engine analyzer... Learn what you can really learn from this gadget, and learn to use it well, and you won't go without either... another wash...
Since I was upgrading props from an 82" C66 Mac, the two bladed MT I initially hung would have likely been my choice regardless of new engine choices... However, if you can get your hands on a set of 86"-88" blades for a C-66 or C-58 hub you'll have an equally performing prop for an O-470-50 at no additional cost.... another push
I elected to hang a battery on the firewall at the time of rebuild as well. Never the less, I can't honestly attribute this to the cost of an engine upgrade. I attribute it to the fact that I prefer to get it as light as I can, while still maintaining the creature comforts that fit
my desires.
Don't want a tiny battery up front? no Problem, TSIO 520's have been starting on big batteries for decades
Baffles... that's another one of those deals like the $5K annual... if your baffles are less than stellar, you should be replacing them regardless of engine choice. If you do not, your re-engine cost is likely to include re-topping costs in a few more years
Similar can be said for the exhaust, but I guess by now I've made my point...
As for the real message to Russ' post... If you really want to entertain an engine rebuild / upgrade, you probably owe it to yourself and your airplane to do an extensive cost analysis before trying to compare it to anything else.
Either is going to cost more than you think. Then do a well thought out analysis of mission requirements, vs personal desires. Next you may consider how long you'll keep this plane. Getting your money back out of
any of these mods when it comes time to sell is going to be tough... on the other hand, if there is a possible newer plane in your future that is a Pponk candidate, you could buy a useable O-470 in a snap and transfer an O-470-50 over to the new plane. If the new plane is not a Pponk candidate, you still may elect to keep the big engine and sell it separately. This can, and has been done successfully ... selling a used stol kit? I dunno...
Lastly, as has been posted many, many times before, the key to the happiest matches in aircraft is matching your mission... If your mission mandates more power, all the biggest tires in the world aren't going to help

If you live at sea level and are stretching the budget to get in a bigger engine, chances are good you'll be singing the blues when you realize the sacrifices you'll have to make elsewhere to make those ends meet....
Take care, Rob