usually you can get away with new rings. maybe go with total seal rings and a light honing of the cylinder wall. the ring gap on your motor is probably huge if it hasnt been done in a while, and that can account for some blowby, and the fact that your cylinder is becoming a bit oval can account for some too.
ideally you would want to do the full rebuild on the motor, because it would last you at least 300'000km, great fuel mileage, great performance, and easy cold starts
