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On a budget (I always am) I would look for oil leaks and fix them (even if it means splitting the case) and replace and O-rings and cheap seals on top of the engine (oil thermo-stat, main rear, and any crsh washer on oil lines that might be leaking).
Other than that I would only remove and paint the engine tin, same valve covers (and polish them flat). Adjust the valves and drive it.
And inspect the fuel lines. In some ways this could be the most important issue. A few oil leaks won't hurt anything. A fuel leak will likely destroy your car, and your fuel lines are probably 25+ years old now.
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