I purchased an old 242 for a song; the odometer reads 145k miles and it's a non-turbo. It would be a great daily runner and the engine seems to work fine (even passed smog!). I know the old saying of "if it's not broke, don't fix it." However, I've enrolled in an engine rebuilding class next semester where they encourage us to work on our own cars. We have to buy our own tools and parts. Please give me advice about what I should and shouldn't do with repairs (eg reboring cylinders?) and what parts would be good to purchase (eg valves?)

Thanks in advance!