You may as well treat the block to a little pampering,
get it cleaned properly removing all the rust and paint,
have it honed lightly and decked a little
then throw a fresh tin of paint on it.
not a great deal of expense considering its the heart of your car.
bottom end rebuilds are relatively easy,
nice clean work area, plenty of workshop manuals, MOST importantly a good LUBE like this one
http://www.ebay.co.uk/itm/Torco-MPZ-Eng ... 43ac5d6d74