Your compression test results are a good sign, but shows me that you need to put some serious miles on it before anything else.
You will likely need new rings, but you can't be sure unless you either:
1) Drive it and see if the rings free up in the piston grooves and scrape the dinosaur crap off of the cylinders.
Or,
2) Bite the bullet and pull the head and see if the cylinders are worn significantly, or see if a simple hone and ring replacement would be feasible.
Carl
