basic rebuild ... possible?

Hi,

I have a 360 that I was planning a complete rebuild, but now family plans have change and I won't be able to afford it for now.
So I was wondering if I could do like a basic basic rebuild of the 360. I was thinking maybe I can change the pistons rings, new sets of gaskets, new water pump.
I am asking that because the 318 that is in my Dart rigth now does not even have 100 psi (warm engine) on any cylinders :sad:
I was able to check the 360 before I got it out of the car, and the compression (cold engine) was between 105 and 130 on 7 cylinders and 70 or 80 on one cylinder. The compression was stable on the gage, so no leaks by the valves I guess.

So is it possible that the rings are tired and that I could change them without having the cylinder honed and bored. I want to cleaned the heads, the valves and maybe a little porting (gasket match). Keep the same cam if possible. I want to use the Holley 1850 (that I already have), and try to exchange my Holley Street Dominator intake for a good dual plane intake (thinking about the Performer), and a set of cheap headers.

Tell me if I am thinking of something absolutely ridiculus, or will it be at least a not so bad running engine until I get the money to really rebuild it. Because rigth now the 318, is one of the main reason why I don't use the car.

Thanks