Well, the project is progressing. I've managed to get the top end completely disassembled and here's what I've found:
The fuel pump was replaced, tons of blue silicon gasket around the opening and into the opening (will need a new one),
The valves are pretty covered in carbon buildup,
The piston heads are covered in carbon buildup,
The carb needs to be rebuilt,
Head gasket was leaking...

Tomorrow I hope to pull the pan and see if I can remove the pistons without removing the engine.