Ok, I see now heres what I recommend, bare minimum.
Pull the jug off and get the piston out, get the rings off the piston and clean it real nice like, especially the grooves. Get a new set of rings. Give the cylender a quick hit with the honing stones and make sure it gets an even finish. If there's any defect after just replace the jug.
Pull the valves out of the head and clean the rust off the stem, inspect them for damage. Any pits or grooves in the stem after cleaning, or the heads not straight when you sping them in a drill means replace them. In any case, with the valve out of the way yoy can clean the ports nicely.
Lap the valves, new or old, when you install them and in the process check for pits cracks or other damage in the valve seat.