What happened to the 'old' one? (as in bearing) Is the rod, cap and pin/journal a nice blue color?
Did you check the oil hole in the crank pin to see if there was debris in there? If so, there is shrapnel all through the oiling system. (change the filter a few times if you have it all back together) Then start to look for another motor..
I think the oil clearance is something like .0005-.001
If you're gonna use 'plasti-gauge' make sure there isn't oil on the surfaces that touch it. AND FOR GOD'S SAKE, DON'T ROTATE IT WHILE TORQUING DOWN!
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