I have seen more ring ridge on motors that were run hard before they were up to normal operating temp then on motors that were up to operating temps then abused. Take that any way you choose.

If you are not racing the motor, and it will indeed be mostly for cruising around, the biggest concern would be the actual ring seal. If there is a ring ridge, it is also very likely the rings have worn as well, which means a larger end gap, and questionable ring to cylinder sealing. I have in the past pulled motors like this apart, hone the cylinders, and replace the rings with new ones of the original bore size, replaced the rod bearings (and maybe the main bearings, depending on how they looked) and new gaskets, and have had great drivers with little or no oil use, for many years. Were it me and my car, I would probably go in this direction, but this process isn't as cheap as it was years ago.

The reality is if the rings are still seating on the cylinder walls after sitting that long, the motor will do fine being used as an occasional cruiser. The odds of a car used like that accumulating a lot of miles probably isn't going to be an issue. As long as it doesn't smoke bad, adding a quart of oil now and then probably won't be a deal breaker.