I would not do this unless you have a good reason , ARP's are stronger than std so that you could rev the engine harder without risk of failure , but if all else is std then would not go to the expense .

Also replacing the bearings might cause more problems than cure , you could do the big ends fairly easy in situ but normally if the bearings need replacement then the crank needs grinding or at least very carefully measuring to make sure it is ok and a quick journal polish , if the only problem with the car is the sump then just do the sump , as I have said before "if it aint broke dont fix it !!" sometimes engines are best left alone as they have "run in" change anything and this is not the case , dont get me wrong a well built engine is good , but doing anything "half cocked" sometimes causes more issues than you started with and doing the bearings from under the car would be classed as half cocked if you do not measure the crank first .

When it says reaming it means accurately opening the bolt holes to a pre determined limit , using a drill is not good enough , you may well need a 9.1 mm Ream or whatever they recommend and again not something you would want to do without some engineering understanding .