0.050 is a lot of material off the cylinder decks. Are you sure it was 50 thousands and not 5 thousands? The only thing keeping your pistons from hitting the head is the thickness of the head gasket (see the picture posted above). 50 thousands... WOW! I don't have the specs on the block to reference, but your block may not be useable with 0.050 taken off the decks.I'd be willing to bet money that if your block was decked .050", then it's NOT in spec.
Heath