I would like some advice on rebuilding my engine. It is a 1941 Chevrolet 216 with 47,000 miles on it. Despite its low miles, it seems to have significant wear, presumably the farmer who owned it from 1941 to 1980 did a lot of work with it around the farm. The valves look quite eroded, perhaps from unleaded gas or maybe just normal wear? Clearance between the pistons and cylinders is about .008. The clearance between the valves and guides is in the middle of the acceptable range. The main and rod bearings both seemed pretty tight. On the bottom of the oil pan was about 3/4" of scum and the pickup screen was a bit clogged. I don't think the p.o. changed the oil enough and it has no filter. After it was parked in the mid nineties, the rings rusted to the pistons. Originally I was just going to re-ring it but after seeing the valves I decided it might be best to give it a proper rebuild and not have to worry about it for the next 100,000 miles. I called the machine shop and they said it would cost this:
90-boil block + head
42(1/2 hours work)-check head + deck for warp
210-grind crank
35-magnaflux head
42-check main bearing alignment
171-bore and hone cylinders
45-press in cam bearings
174-press in valve guides
54-grind valves
18.5 each-install hardened valve seats.
32.5-resurface flywheel
300-balance engine
I forgot to find out how much to install camshaft gear

total of about 1500
about an additional 1500 to Chevs of the 40s for parts

This would come to twice what I paid for the truck so:
-Do I really need to replace valves and guides?
-Can I tap in guides myself? (I have no press)
-Do hardened valve seats go on just the exhaust or both?

Maybe I should just re-ring and grind valves?