IMO your starting out well with an oem engine that does not have a lot of special parts.

Added to the above posted you can buy the re ring kits off ebay that have a full gasket kit with valve seals and such.

Its not that costly to have a block hot tanked and to ask them to check the taper on the bores.

Some "country" shops would do a quick ball hone (again) cheap due to the amount of older farm tractors that just get a rering.

Clean clean clean and clean some more. You will be hard pressed to get it all but you can get all you can.

Look for the obvious when taking the motor apart and look for red flags, rod ends that got hot, ect and I would have it all apart before buying any parts since you do not know its history.

On a budget a ring/bearing gasket job can put a bit of new life in a tired old motor.

I have a test motor that got the budget referring deal 6 years ago and still runs well today.

And if you use the machine shop for something there is a extra set of eyes on that could spot an issue where you cant. And probably cheaper then renting tools.

Not knowing your budget but you know the rebuild kits come with a cam /lifters/pistons and rings and a oem kit isn't too bad and here the napa will do oem block work, polish the crank and if the heads are not needing much all in the $400-450 and with a kit you could have a nice runner for a grand or so.

But ya got to make sure on tear down all is in serviceable shape as these are no longer just older motors, they are real old and many have been worked on/over.