Arky_1 and Bob,
Just a little advice...
I have rebuilt several Bs and As over the years and the cost and difficulty is not that great. And it is something that you can take your time doing unless the car is your main transportation...
If the body, rest of the drivetrain, and interior is in reasonable shape then the investment in an engine rebuild is well worth the effort....
Keep in mind that I have been driving my B for about three years with low OP... admittedly I am not driving it hard... The long term prognosis is that I will need to rebuild the engine... in my case the entire car.
Rent a hoist, buy a 12 pack, invite a few friends, and pull the engine... a 1/2 day job. disassemble the engine and take the parts to the shop.
A rebuild is not all that expensive. The milling work for hot tanking, boring, planning, and crank milling is usually around $400 - if you shop around and take it in to the shop. For a few hundred dollars more a shop will put the engine back together for you.. With that cost along with rings, pistons, valve job, gaskets and seals, the cost will be around $1,500 +/- a few $$$.
Please do not give up the ghost until you have really thought about it... Afterwards you will have the enjoyment of a great LBC with a new engine....
If you belong to a club, ask them to help. If you don't belong to one, join. It will be time well spent...