Oh wait, that's 1965.
Ok, multiply by 8x for inflation, 1965 vs today so that's $1608 labor in today's dollars.
That's for a complete recondition, bore, new parts, carbon&valve job and tune up.
That also comes out to $6/hour back in 1965.
The same 33.5 hours today would be more like $2000 at a typical $60/hour shop time. And even that maybe out of date. Still, $2800 sounds a little high for what he did especially if no boring or machine work.
I have one with a bad rear main leak right now, the builder has already agreed to go thru it again and fix the leak, for free parts&labor. And this is in Super-High tax California, not the USA. Schedule is slow though. It's been 2 years and the builder "hasn't got around to it" yet.
Well ok, "the builder" is me.......