I wouldn't want to put new rings in worn bores, presume I could get it re-bored and use oversize rings?
Normally a rebore will require oversize pistons as well, and then it gets very costly - probably 70 or 80 quid a piston.
Best to strip it completely, drop off the block, crank and pistons at a decent engine workshop and get them to measure everything and advise on what needs doing. With luck there'll not be too much bore wear so a hone and some new rings will do it. With the promise of supplying all the bearings, etc. for the rebuild they'll probably do all the measuring cheap or free.
And then - what about bottom end bearings etc....
Get them to measure the crank journals, and give them a polish while they're at it. If they look out of spec they'll have to be ground down and oversize bearings fitted. Otherwise, just get them to order up the correct size bearings. Not sure if they're one size fits all or graded on this engine.
I'd want to effectively end up with a brand new engine, but I'm wondering whether cost wise, it's feasable.
It can be done with care, and the engine will be as new if it's run in carefully (This means putting it under full load for short periods with time to cool off in between in my book, NOT pussy footing around at sub-3K RPM for 500 miles!).
If it's just rings and bearings that the bottom end needs I'd say go for it. It'll cost a few hundred quid for the bits. If you need to get into a rebore plus new pistons I'd say the cost would make it madness. I did this with my kit car engine due to the ring grooves being a bit wide and it didn't sound too bad until it was all added up, then I felt a bit of a numpty - and that was a 4 pot! Multiply costs by 1.5 for a V6.
It is very satisfying, however, and that's worth something.
Re-building heads is easy for me, not so confident with the bottom end tho...
You'll have no problems. Just be methodical when it comes to putting it back together, make sure everything is checked for clearance - including piston ring gaps, etc. Get an engine stand to put it on during stripping and reassembly - makes it much easier and you'll end up doing a better job. I've got one you're welcome to borrow.
First step is probably to whip the heads off and see what the bore wear is like. That will determine if it's a go'er or not.
Kevin