An overhaul would be easier and probably cheaper. First, do a compression test, if the wet readings go up significantly over the dry ones, it would indicate a ring problem, as the blowby out the oil filler indicates.
If the bottom end sounds good and it's holding good oil pressure, you could get away with just rings and gaskets and a quick head touch up. The rings could just be carboned into the grooves and not sealing, I had a Ford 390 once that smoked like an airshow plane; rings were stuck, bores mic'ed out so a quick hone was all it needed.
Of course you won't know the extent until you open it up and start measuring, but even if you need oversize pistons, Rock Auto will have them and you should still be able to get the parts and have it punched out .030 for less than a new engine.