You can do either, both, or nothing. Don't you love these clear cut answers ? If you have the head off, put the plugs in and pour a little gas into the combustion chambers. If none leaks into the ports after a few minutes, you might not need valve work. Doing a valve job without the rings might cause it to blow by the rings a little more, but won't really hurt anything. Oil is cheap. If it uses too much oil or smokes too much, put rings in it. I don't know if the head gasket is reusable. As long as you are not laying in the mud to do it, and if there are no ridges at the tops of the sleeves, it is easy to put on another set of rings. These tractors were made to be easy to work on. Mostly, it is remove the oil pan, unbolt the rods, and install new rings. The pistons will push right out. Be sure to keep the caps and rods together as sets (read the manual). If your oil pressure was good before, I would check the bearings with plastigage, but would not necessarily replace them.
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