If you're doing a ring job you're pretty much rebuilding the engine anyway. Bearing shells are cheap, and you should check them if you're tearing down.
As far as a hone, look at the cylinder walls - if you can still see the cross hatch pattern you might be OK. But if the walls are shiny then you'll definitely want to hone them to break the glaze, otherwise you'll be blowing all kinds of oil past the rings. Check your manuals, but a lot of times it's reccommended that if you remove the head, you replace the head bolts/studs & nuts. The're not that cheap, I don't think. The reason why is that to get the clamping force of the head against the block, the bolts are stretched (that's why the head needs to be torqued to a specific value).
How much do you know about this engine? How's the compression? For Toyota engines, 80K is not a whole lot, and if it has good compression and doesn't burn oil, you'll save yourself a lot of money and hassle if you just use it as is. That said, the front and especially rear crank seals might not be a bad idea if they're easy to get to. Any rubber/rubbery part should be looked ar, like cam cover gaskets, belts, etc. These will harden with heat and time and cause oil leaks or other sorts of trouble.
The first (so far) foray into engine rebuilding I'm doing is on an old MG. The engine is quite different, but the principles are the same. I decided to do the full rebuild to get some better performance out of the motor, including higer-copmression pistons, new rings, new bearings, reground cam, and better carbs.
http://mywebpages.comcast.net/kvcbk/engine.html
The 2VZ-FE in my Camry has 175K on it, and still gives about 175psi on all 6 cylinders. I just did a full tune-up and replaced the cam gaskets and sealihg washers on the hold-down nuts and spark plug tubes. Runs like a champ!
Hope this helps you make a decision.
-=Chris
"Skoolin' the unlearned!"
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