Dauntless Assessment

Just to add, the ring widths are well within spec. Guess at this point it wouldn't hurt to just hone, ring, and run with it.

 

I assume you mean ring end gap?............. Fact is the cylinders are probably out of round judging from the shadows I see in your pictures........they also have some nice divots and look to also have some rust spots...........Honing will only clean up a few tenths , a cheap ball hone will hardly take anything out but scratch the surface........neither will seal your rings........bearings also look to be history............................ Fact is the motor looks to be pretty worn out.

I get the impression you really don't want to spend any money on this and that's fine by me , but I think your pretty far away from just honing it and running it and expect it to be any different than it is now. If your not going to do anything that is corrective..........re-assemble it the way it is. You have nothing to loose either way.

 

I think you pretty well need at least hone it, re-ring it and consider changing the bearings at this point.

But I mainly suggest you bite the bullet and do a full rebuild.
Full rebuild will run a couple grand.

EDIT;;;;; If pistons have not been pulled out yet them you can run them as is...

 

Those lower end bearings show pitting from acid in the oil - sitting with old oil for a long period of time. The cam bearing don't look too bad from what I see.
At a minimum, your going to need fresh lower end bearings and rings. The heads would benefit from installing hard seats because of modern fuel. Its hard to know where to stop spending money without doing everything.
-Donny

 

Agreed, the couple grand for a full rebuild is a real deterrent at the moment. I'll suck it up and let the machine shop have a look at it and go from there.