I had blowby issues last summer, and did a 'quickie' hone, rod bearing replacement, HG and head skim, port & polish and valve stem seals on my 1500.
https://www.britishcarforum.com/bcforum/ubbthreads.php/topics/483918/1
https://www.britishcarforum.com/bcforum/ubbthreads.php/topics/475350/1
FWIW, if I were going to do it again, if there was anything to do on the bottom end (rod or main bearings, hone, skim, etc.) I would PULL THE ENGINE!(it's not worth the hassle, to try to do it in the car. And they're simple to pull. $40 for an engine hoist rental, or $29 for a cheapie chain fall from Harbor Freight, is worth the money.
On the HEAD side, you can check for play in the valves, to see if you need new guides. Similarly, play in the rocker assembly should be easy enough to determine. New rocker arms and/or a new rod are all readily available new. You should be able to clean up and reuse your valves. Your machine shop can tell you whether you need a valve job. (I ended up just cleaning and lapping in my old ones.) As Nial mentioned, you can have the head skimmed to your heart's content, and never worry about taking too much off.
Now, opinions on this may differ, but I installed viton stem seals.
These weren't installed stock from the factory, probably as a cost-cutting measure... which is probably why these engines have the reputation of smoking on the over-run, even at relatively low mileages. They were a perfect fit, simply push onto the top of the valve stem. Bought directly on eBay, search "viton triumph" or something similar and you should probably find them easily.
If you're feeling adventurous, you can always get out the Dremel, and smooth any casting marks on the runners (leaving the inlet side fairly rough, and polishing the outlet side as smooth as possible).
On the BLOCK - If your engine stays in the car, I'd stick to rod and thrust bearings, assuming they haven't been done recently.
If the engine comes out, assuming for the moment that your bores look OK, and that you're still running the stock head and pistons, I would do the following.
- main and rod bearings, thrust bearings
- hone bores (easy, can be done at home with 3-stone hone)
- STD. flat-top pistons (bump compression from ~8:1 to ~9.5:1)
The only other thing that springs to mind is... when you get your rocker ass'y off, pull a couple of the cam followers out. Depending on whether the previous owners have been negligent in their oil changing, you may find that they are heavily pitted (mine were). If so, you'll need to budget for replacement of them, and possibly the cam itself.
Phew! OK, I hope that made sense...