I totally get where you are coming from. It would be nice to just be able to clean things up and get it running. But with the uncertainty of things that could also be a mistake (creating further damage if something is wrong).
Perhaps two approaches to consider; one is to do some testing (compression, leak down, oil pressure, etc) by cranking it on the starter then decide how far to go, the other is to decide now it should be gone through regardless - for peace of mind. You state you've never gone through an engine before so it might seem easier to do the first approach. On the other hand it really isn't too difficult to do (for the most part, more on that later) and you will learn a lot in the process. Plus your engine will be much better off for it.
If I were to remove the head and tear it down for cleaning, inspection and measurement/assessment, then I'd plan to replace the bearings, rings, seals and gaskets (at the least). So that's where you will want to get the stripped block and crank to a machine shop to hone the cylinders and polish the crank journals (again, assuming everything is within spec). If needed they can clean and measure everything for you also.
So I guess it depends on your goals for the car. Is this a very low budget project that will rarely be driven and isn't worth refreshing the engine? What's the condition of everything else, is the vehicle good enough to invest in? How confident are you in learning something new and willing to venture into doing this? Do you have the basic tools, equipment, workspace, etc, to do it?
