If you rely on it daily, and it's been 10+ years since a rebuild, I think I'd just bite the bullet and do it.
But if it only gets light, occasional use, I'd just get the new head gasket in and call it a day. The thing will probably run fine for another 20 years.
If somewhere in between, I think I'd get the valves done - IF you know somebody's who's both good and cheap.
Then I'd put the head back on - and before going too much further - check the compression. If it's good enough, button everything up and be done with it.
all assuming of course there's nothing obvious like a 1/4" gouge from in a cylinder from something like a broken ring - etc.
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Today's Featured Article - Harvestin Hay: The Early Years (Part 2) - by Pat Browning. The summer of 1950 was the start of a new era in farming for our family. I was thirteen, and Kathy (my oldest sister) was seven. At this age, I believed tractor farming was the only way, hot stuff -- and given a chance I probably would have used the tractor, Dad's first, a 1936 Model "A" John Deere, to go bring in the cows! And I think Dad was ready for some automation too. And so it was that we acquired a good, used J. I. Case, wire tie hay baler. In addition to a person to drive th
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