Yes, you can get by with replacing the rings only. Not uncommon at all, especially on a gas engine, even more so if it's hard work days are past.
As long as the cylinder walls are not scored, just hit them with a glaze breaker hone, go back with soft rings (iron, not chrome if available). But one thing commonly overlooked is the condition of the piston ring lands. If they are beyond tolerance chances are the rings will not seat or be short lived. Also check the skirt to bore clearance, and the wrist pin bushings. Looseness of either will cause annoying knocking, but will probably still run a long time.
Now, here's the decision you need to make...
Do you go ahead and install it as is? From the description it sounds like a good engine. If it idles well, that is a good indication the compression is good. You may want to go ahead and check the valve clearance, run a compression test while it is still running. Since there is no blow-by or smoke, that is a good indication the rings are good.
Or, do you go ahead and tear into it while it is out? That way, if you find more serious problems, like the crank needing to come out, rear main seal replaced, etc., then everything is accessible. Also no laying under it with oil dripping in your face!
The sound you are hearing, (if the compression is good, no broken valve springs, sticking valves from sitting) it is probably just needing some TLC, tuning, checking the distributor for wear, timing, carb cleaned, etc.
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Today's Featured Article - Ford Part Number Trivia - by Forum Participants. "Replaced by" means the part was superseded. All of my part books date back to 1964 and New Holland have changed some part numbers. They usually put the old Ford part number on the package. I was suppressed when I looked up the part number of the auxiliary drive shaft because for some reason the part number went through a radical change and it lost its "Basic Part Number". Ford part numbers follow the following rules. Most part numbers are in three parts. The middle part is called the
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