To really do it right, and correct any issues found, it'd be best to allow for fresh machine work, pistons and so on.

That said, you may be able to get by with a hone/re-ring and valve job if it is not worn too horribly bad. But, by then, it's torn completely down and that's the golden opportunity to really get it right.

Regular stock Service manual specs are almost crazy for a performance application, allowing a whole lot...like .010 bore taper before boring was supposedly deemed necessary. That said, you can make one run reasonably well again with a hone and a fresh set of rings if the bore wear is less than that.

If you go that route it's more like an overhaul than even a rebuild...polish the crank, hone it, rings, valve job, gaskets, and that's it.

But what will you do if anything is worn past spec, which almost guaranteed it will be? Like the cam. Or what will you do if a crank journal is scored, machine it or find another one? At some point if the quality of the build vs. originality conflict with each other, it'd really be better to err towards quality.