IMHO I would consider refreshing it while it is out of the vehicle on a stand.
ie head gasket, big ends and mains, oil pressure relief spring, rear main & tseals.
Then do the timing case and ancillaries as you mentioned including vac pump, lift pump and water pump.
Wont take long and lets you get a look at what condition the engine is in, especially if you have bought it without knowing its history.
S
'95 130 dual cab fender (gone to a better universe)
'10 130 dual cab fender (getting to know it's neurons)
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