Re: new rings
Valve stem seals are faulty rather than rings. But, if you do the seals on the cylinder head(s), might as will do the block overhaul also.
You could get by with an upper end rebuild. Remove the heads, have them reworked, or find a comparable deal with new heads and replace the heads.
Whichever route you take, clean the piston tops, smooth the block deck, the surface the head(s) set on, change engine oil & filter, antifreeze, thermostat, new hoses, new radiator cap, new belts, new tune-up kit, rebuild carb, and have cleaned or replace the radiator.
Then next year or two, remove the engine, and have the block rebuilt and replace the clutch, if manual.
It's your choice and the Snowball Effect does get bigger by leaps & bounds.
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