Hey, I'm in the process of doing a 3.1 right now too... the block is sitting in the garage now, just cleaning pistons. From what I understand, if you can certainly replace the water pump, and possibly do timing chain and oil pump. But from all my mechanic friends, "do the water pump".
Anyways I kept all my 2.8 intake stuff, have been porting and polishing as well everything and gasket matching. This takes time plus carbide bits if your interested.
Dunno how much hp exactly but judging from the roughness and mismatch of openings it should be an improvement.
Also get your headers done, ie atleast open them up so they flow properly.
but to let ya know... if i had to do it all again, i would have scrapped the 3.1 and gone for the caddy 4.9, from what i hear, they are dirt cheap(its highly suggested u just put the motor in, don't go ****ing with it), an awsome improvement in power, only wiring just seems to be an issue.
Ivan.