I think your plan of “needs machine work = new longblock” is solid, but due to sitting for a dozen years, I’d exercise every option I could to make sure its not just stuck rings. I’ve seen similar mileage rigs that responded incredibly well to a dose AutoRX and being worked hard.
Since you already have taken compression readings, give it a soak with your favorite penetrating cocktail, let it sit for a spell, and take compression readings again.
If they come up, you can assume the rings are stuck. If not, it’s costs you some penetrating oil and a week of waiting around.
Just my .02, good luck any path you choose. Very cool redoing something you have some history with.
Since you already have taken compression readings, give it a soak with your favorite penetrating cocktail, let it sit for a spell, and take compression readings again.
If they come up, you can assume the rings are stuck. If not, it’s costs you some penetrating oil and a week of waiting around.
Just my .02, good luck any path you choose. Very cool redoing something you have some history with.