If you have combat cases, you already have the option to bolt on a more effective reed breather than a timing chest modification would give you.
I have a '70 commando. It doesn't have the bolt on reed breather option because it doesn't have the rear crankcase breather port that a combat case has. It also has a frame crossmember which precludes using Jim's sump plug crankcase breather SO,.... I have an "oldbritts" style timing case breather modification. It works, but If I had the option to bolt on a reed breather directly to the crankcase like you do, I would have done that.
As far as a rebuild goes, I think a lot of experienced norton owners might inspect the bottom end, (look to see if the bearings are superblends, and have a tug on the connecting rods to establish if they are worn) but there's certainly a chance that your bottom end could be good as is, which saves time and money.
Layshaft bearing wise, I ran my original inner layshaft bearing for the first 20,000 miles. Then when I wanted to rebuild my gearbox because it was leaky, I decided to replace the layshaft bearing too. (the original I removed was still good, but it did give me peace of mind to swap it out)
I can't speak to the validity of the scavenging modification because I don't have a combat crankcase, but it makes sense. It's more a matter of whether it's an essential modification or an optional one... You should use the search function to look for the concensus of opinions on that.