I realize I am a bit different in my outlook from some of our members. With your problem, as stated, if this was the 50's few people, including me would do a complete engine overhaul.The chances you will drive this car another 50,000 miles is very scant. I would then and now ,just do a ring and valve job. If for no other reason ,mechanics with experience on this engine are few and far between. the less you tear down the better your chances of a good repair.A R &V ,along with replaceing the oil pump,will give you another 20,000 miles.
If you can get a complete rebuild from a reputable rebuilder at off the street costs( not a freinds and family deal) for much under $2,000, I will be suprised.