Okay, the oil leakage and consumption thing, increased reliability.
My recommendations. strip the engine. You might be pleasantly surprised and find minor to little cylinder bore wear. I've torn a couple down with well over 50K on them and they did NOT need overbore, just a surface hone to reseat the rings.
New seals and gaskets. Whenever you can use FEL-PRO for gaskets and update the seals, take the originals to a bearing supply house and have them size to a Chicago Rawhide or National. Seal material and springs have improved immensely in the last 40 years. Install the cam bearings and a line bore would help. Lighten the flywheel for now, you can spend the money for the steel when you go full tilt in three or four years. A good machine shop can lathe down the outside high spot of the flywheel cutting off a good 5-6 lbs. I believe mine lost 9, but it's been so long ago, I can't remember. Have a good machine shop rebuild the rods, they check for trueness, stretch and roundness of the big end, resizing them if needed, replacing the bushings and bolts. Nitride the crank, balance the bottom end. pin the thrust washer to the cap, deburr all oil passageways,crank included, chamfer the oil holes on the crank, valve springs upgrade. Ken Gillander is who I bought mine from. Get a machine shop to install valve stem seals. I urge you to do a little research on Engel cams. He knows his stuff, can grind you a cam to fit YOUR needs and desires. Heat shield under the carbs, good ignition, drive it.