Since no one's posted, I'll throw in my .02 Take it for what it's worth, but I am not a machinist. Hot tanking is what's going to cause you an issue. Freeze plugs would need to be removed and also I think cam bearings would need to be replaced. I don't think the finish on the cylinder walls is going to be good after hot tanking.
Even if not hot tanking, rings, I would definately not reuse. I guess you could reuse bearings, but for the cost, I would go new again.
Is all you want to do is make it look better? You will be surprised at how well degreaser and a power washer will clean up an assembled block. Then a wire wheel and putty knife will remove most of the old paint to a point when you can repaint it. You can "refresh" all your gaskets without tearing into the bottom end.
An "oily" engine can only leak from a few gaskets. And these are all external and fairly easy to replace. Valve cover, front and rear intake seals, fuel pump gasket, front crank seal, and (on some engines) a bolt hole that goes from the front of the block into the fuel pump mounting boss.
Jon