John---It always tempting to do something to the engine while the body
is out for repainting. If you do the bearings and rings yourself, you
could do it for what you want to spend. Be sure to hone the cylinder
walls for the new rings.
However, your compression isn't that bad for a 1974 low CR head. You
could hold off on the rings for another time.
Even the bearings could be left in, if the oil pressure is as you
reported, "hot". This also could be done at a later time, with the
engine in place.
New guides and a valve grind, clean up the surface area and you should
be good for many more miles, and most likely reduce your oil
comsumption. I'm not a fan of replacing the seats with the hardened
inserts. If it ain't broke, yada, yada...
Dick
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