I agree with KOMMANDO get the guides relined , causes minimal disturbance to the head, it's not the top of the line performance route but for JOE average to putter around the country side it works fine.
When I started working we used to machine piston grooves all of the time, holdens, falcons , Hillman hunters, Vauxhall vivas they all got a second life, but parts were expensive so it was a cost saving measure, I would be very doubtful if the inserts are readily available any more they were getting hard to find 20 years ago.
To me the price of a piston kit vrs ring set is a bit of a no brainer some suppliers want stupid money for rings
Vauxhall vivas were machined with a hammer and chisel, all the british motors had good potential only to have cost cutting drag them back ,minis were the only thing they mass produced well