Check and see if yours already has the improved driver's side rocker cover. If not, get it. GM PN#: 12642655
The updated design greatly reduces oil consumption.
Are you replacing the VLOM with a blank valley cover? Either way, you'll want to make sure no oil leaks from the AFM towers anymore.
I would not go aftermarket with the oil or water pump unless you knew who the OE supplier is, such as Melling for the oil pump. Also, which oil pump? The latest design of the M355 is what I would use for the iron block LMG motor.
Google and download this file and read it a couple of times before you start: Rebuilding GMs Gen IV 5.3 Engine
Thanks, that is a very enlightening article.