I have mixed feelings on this.
One on hand, if you weren't going to yank the motor for other reasons I would agree that you should just hang all of stuff on the side of the engine and run it until it gets tired.
On the other hand having the engine out might be just too much for me to ignore the opportunity to do some house cleaning. With it out some things will be infinitely easier on the body and the wallet.
If I had the thing hanging from a chain or sitting on a stand I would do the following. Not too much in parts and, like I said, with the engine out a whole lot easier.
Pull the head and the pan.
Replace the rod and main bearings
Take the oil pump apart and check it out. If it is scored badly replace it. No matter what, new or reused, pack it full of petroleum jelly before sticking it back in.
Pull the relief valve, replace the spring and lap the piston back into its seat.
With the head off, push the pistons/rods out, hone the cylinders and replace the rings with a set of Deves. If there is a noticeable ridge at the top, use a ridge reamer to remove it. It is important to note that these later engines are prone to heating thereby collapsing the OEM rings and that by doing this single effort you will add lots of life to your engine.
Pull the rocker assembly and check the wear of the bushings and shaft. Pop the valves out, check the guide clearances, and at the very least, hand lap them back into their seats and stick in a set of new seals, your call on the seal flavor.
Send the radiator out and have it boiled and rodded.
Oh yea, take the clutch off the back of the flywheel and check the disc for loose damper springs and wear of the friction material.
Messing with these things is like going out and looking for "might as wells" and I am not advocating spending a ton on all of this, but I do think that it is only prudent to do a little more leg work if the path is not too long and not too steep.
Chances are that you are going to only need gaskets, bottom end and head sets, rod and main bearings and a set of exhaust valves. You might need a clutch disc or an oil pump or a few other things but if you are doing this yourself the rest is going to be just time and sweat.
Jack