On the cheap I would dingle berry hone it with the right grit for plasma single Moly rings & some new bearings. ridge ream out the ridge & pull it (the cutter blade) toward you as you go around with a 5/8 box end & take out MOST of it). I would have/pay someone experienced to help you with that part. check the block/head decks for adequate flatness & likely you would use composition head gaskets as opposed to steel shim ones.