The K.I.S.S method is best for new guys starting out in any type of hot rodding.
Keep
It
Stupidly
Simple
To start, IF the engine is in the car, just get it running.
Now IF you he engine is on a stand, I would simply purchase replacement parts and replace them.
Nominally speaking, yes. But I’ll hat “Also depends” on a few things that will be covered when you get it all together.