engine rebuild?

[prodjay10]

My engine runs great, good oil pressure, doesn't burn oil, no misfires, and as far as I can tell it doesn't leak anymore oil. But I've noticed that it wasn't maintained very well because of quite a bit of sludge buildup and it's starting to develop a slight lifter tick that goes away after about a minute. I can either leave it alone, or buy the lifters and replace gaskets, or I can buy a rebuild kit and replace everything.

If I go the rebuild route, I was thinking getting a kit on rock auto with all standard sizes, taking the block and heads to a machine shop, have them hot tank them, install cam bearings, hone cylinders, and polish crank. Then I'd install/replace everything else myself.

Does this sound reasonable? What would you suggest? I have most all tools needed except maybe any gauges to measure clearances.