340 engine re-ring/rebuild??

Need some advice. I have 72 Challenger with 340 engine, 4 spd. I pulled the engine for body and engine compartment repair and paint. I did compression test and had 3 cyl down to 95-100 psi. I pulled heads and there is wear on cylinder wall of about 0.003-.005" on side. Would a new set of rings hold up with that ridge? The engine was running good when I pulled it. IF I need to rebuild it, it will be to stock 70-71 specs. So high HP is not important. What do you think. Will a ring only job hold up?