Well, you've heard both sides... But without doing some measuring and honing, it's impossible to know exactly what to do.
To have a good hand start, you'll need good compression. Ring land condition is important, as is a good finish on the bore, especially at the top. If the rust will hone out without leaving major pits, you;ll be ok. If the ring lands are in tolerance, ok. But if either is a problem, then time for pistons and sleeves.
Also the valves will need to be looked at, maybe only lapped if they're just rusty, but again, good compression makes for good starts.
As for the bottom end, if everything is close to tolerance, should be good. It's not going to be doing any real work, so you can get by with a little more wear on bottom. But, sloppy mains tend to leak around the seals...
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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