Would doing a ring job and rebuilding the top end really be that much money? .
It depends on whether you just want it to run or want it to run well.
Elucidate.
What am I looking at in terms of materials besides new rings and a new gasket set?
low compression might even be inproper set valves,or a valve not sealing of proper due to long sitting with that valve open,rust etc..
i wouldnt be too worried about the low compression right now,its an awesome subject to get the price down for buying it...
you probably will have to do all the standard stuff to get it running,clean carb's(probably twice),set the valves,replace points/condensor etc.. but thats all labour of love more then money...
then like they said before,you can see if it blows blue smoke or what not...
if you have to take the top end apart,you need to realize that you might or will get some extra cost for maybe valve lapping,valve guide replacement ,piston rings,all the gaskets involved etc...
but the strong factor inall that is are you looking for a perfect rebuild or a basic"to get it running halve decent" rebuild...
are you willing to let it burn abit oil and just keep the oil topped up,or is it gonne irritate the hell out of you when she smokes abit....
at the end,its a honda,they will run fairly good,even if they are worn down.....
and if you see this bike as a learning curve,then it should be no problem to put some money in for the learning...and mostly you can spread the cost out,by doing one thing at the time,till the money is there to take on the next thing for the bike,and still be able to drive it in the meantime..
if it does turn out that you bought a lemmon,you can always sell it again and get most of your money out of it...