I probably wouldn't tear into that engine just yet. The low compression could eventually get better with some careful running time to loosen things up a little. After not running for 30 years the rings could be a little sticky in the ring grooves. Put some time or better yet some gentle miles on it if the car can be driven and take a few more compression tests over a period of time and see if things improve.
If it is necessary to get into the engine I'd do it 100% and not just valves and rings if it was mine.
Mike G ( 4355 )