Correction. You need Locktite 574 anaerobic sealant for the crank girdle. I wouldn't try anything else unless I knew for sure it was a proven alternative, given the criticality of that part of the oiling system.
If you don't plan to do the rings, avoid removing the pistons if you can. The rings most likely wear themselves to the exact shape of the cylinder after this many miles and probably won't seal as well if reinstalled. I found AN-30 and felt alone on used cylinders is pretty ineffective. A light green scotchbrite hone followed by the AN-30 works very well. Scotchbrite alone leaves a bit of a rough surface. It might work ok, but the AN-30 lapping really made them look "right". DO NOT re-ring used alusil cylinders straight up. They have a snowball's chance in hell of breaking in and sealing, and you'll just be worse off than when you started. 118K miles is still pretty young if the motor has been well cared for, esp if it doesn't see alot of high rpm on a regular basis. You can read my project thread for my rebuild adventure if you haven't seen it already.
http://forums.pelicanparts.com/porsche-924-944-968-technical-forum/487924-project-924-s-engine-replacement.html
Just don't forget...it's stupid easy to do (insert any job here) on an engine stand, so do it now if you have any doubts as to whether you should, esp gaskets/seals...oh and nothing ever fell off the floor.