You do whatever makes you happy and confident you aren't going to break down
But my experience is I've pulled three magnums down. None were worth honing or new rings.
One needed bearings.
All needed valve seals
The one in my 96 ram has 298000 miles. It needs valve seals badly but it still runs OK,has good oil pressure and pulls my car trailer.
But I don't have to drive in NYC traffic so I understand if some improvements bring peace of mind.