basic rebuild ... possible?

I think somedepends on what you call a rebuild. If you have a running engine, but a hole with low compression, take it apart and see why. If you cant see a score or scratch on the cylinder wall, and the valves look ok, then it's more than likely the rings. So what do you do next? Well, if you're me, my cheapest "rebuild" would include haveing the block boiled, all the oil passages cleaned out, and new hardware and cam bearings. I would pay a shop to properly hone the bores and plateau hone it. I would buy a crank kit for it. It's a cheap way to get good journals and bearings. The last 360 i looked into was $175. It costs me $250 to have a crank turned and polished, and I still have to get the bearings..So it makes sense. I dont install new bearings on used journals. I have had too many problems trying, so I dont bother anymore. clean the pistons and rods, and use a soft wire wheel on a bench grinder to clean the pistons, being very careful to not go "against the grain" or against the machinine directions on the sides of the pistons. Clean out the ring grooves with a broken off 1/2 of a used ring. You want to clean out all the carbon..not scrape off piston material. Clean them well, and then consider them done. I would use file-to-fit rings, but I hanve a ring filer. SO just use regular replacement pregapped rings and pay attention to how you install them. Those notches on the tops of the pistons face the front of the enigne block..It's important to keep them facing the right way. Carefully reassemble is making sure to check and record the oil clearances for each main journal and rod journal. I would replace the cam and lifters, the timing set,and the oil pump and pickup screen. For the heads, have them hot tanked, and replces the valve seal and springs to match the new cam. The pushrods will look brand new after being hit with some degreaser. Put the heads back on, and carefully break in the new cam using the right procedure and oil plus additives. You should be able to get out of the whole deal under $1200 with the new parts, andit will be a safe running strong engine for a while. Not as good as brand new. But very stable to beat on for a while.