I'm actually amazed you can get that puppy to start on those figures....
The only way to know is to pull the head off and measure the bores. If they are within spec or close to it, a new set of rings may get you more life out of it. I bought some old dismantled engines, one was worn, but the bores were JUST within spec, new rings and it fired up better than any other machine i had.
I actually got a machine that must have run at some point, it's ring end gap was a good 2-3mm! i have no idea how they started it, but it must have worked to wear down that much.
Getting the head checked isn't a bad idea, but if it looks good and the valve seats look clean, you may get away without spending more on it. I would hate for you to spend a fair bit of cash and find out the new rings didn't lift the compression much.
If you are mechanically inclined, pull the head off, see what the wear is like, slap new rings in and see what compression you get. New rings and head gasket will run you a little bit, but it may be worth the gamble.