If you're looking to take the head off anyway, and it's less than perfect why not; however, I'd say the money would most likely add up in the head.
Having a machine shop clean it up and magnaflux? Valves, maybe $20 each? Same for guides? Valve grinding....ect. It can add up quick.
On the other hand, I won't deny giving some compression to a Regular [where there were no sticky or obviously "loose" valves/guides to start with] by just pulling the head and grinding the valves, honing the polish off the bore (and abusing the hone instead of using a ridge reamer :oops: ), slapping on new rings, removing a few shims on the rods while replacing everything, and Wala. Not perfect, but it did reclaim some compression. :oops:
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