Holly OMG what a "lack of cleaning program" the previous owner
had going on with that engine.
How does the bore look? Hard to tell in those 2 pics, but nothing
You may get away with just rings and gaskets.
It will take a lot of cleaning. The bore seems to be smooth, though I have not checked to see if it's out of round or tapered. As you can see in the picture of the cylinder, it appears that the poor compression was primarily caused by blow by. It would sure be nice to only have to replace rings and gaskets!
Should I replace the crank shaft bearings, or any other bearings, while it is all apart?