So, things to change on a Rover V8 when giving it a spruce up.
Cam and followers - a must do as they are crap, try to push the budget a bit if you can to get a Hurricane cam (or similar) and remember to get a shim kit to set the pre-load of the followers.
Timing chain and sprockets - also a must do as they are also crap, the chains stretch badly and the gears wear badly, you can get strengthened ones if the budget can stretch to it.
Heads - Clean them up and replace the stem seals, they don't need much else, if you are bored you can match the inlets to the valley gasket (they are a crap casting and there is always a step there, makes quite a difference!). Certainly no need to skim and yours will be the later composite head gasket (lower cc combustion chamber to compensate for the thicker head gasket, some fit the tin gaskets to raise compression slightly) engine without the extra row of bolts (which was the primary cause of head gaskets blowing into the valley)
Rocker shafts - check them carefully for wear and make a judgement, slide the rockers to one side and look on the under side for serious scoring
Bottom end - usually ok and its the later cross bolted block so the 'walking mains' associated with the early units is not such an issue, leave alone.
Bores - they don't tend to wear but just do a quick measurement on the liners to make sure none have dropped.
But clean everything well, its 50's tech and they goo up inside pretty easily.