Tim, As Johnny posted, you could check the compression and, if good, re-mount the engine and you may have many miles of use. Admittedly, I shortcut on occasion. My '66 MGB daily had low oil pressure due to worn bearings, sooo, I dropped the pan and replaced the bearings (some size as the worn ones) and have driven the car for many miles.
However, there are restorations and then there are RESTORATIONS; that is, fix what's broken and drive away, or tear it apart and RESTORE it to new condition. It all depends upon your budget for time and money and your desires for the car.
There is nothing wrong with a nice clean Little British Car (LBC) that is not frame off restored. My 'B' falls into that category. It runs, I drive it, and it needs to be restored, eventually. I still enjoy it. It actually gives me a break from the frame- off RESTORATION projects (58 AH 100-6 and '57 MGA) that I have going right now.
It is up to you. This is a hobby to be enjoyed, not to be consummed with angst about every nut and bolt... unless you want too.
Good luck... /ubbthreads/images/graemlins/cheers.gif