<VV> Fix or rebuild 65 110hp engine?

[Paul Sergeant]

Folks,
I have a 65 110hp engine in my convertible. I have had this engine since a complete professional rebuild 1980. Today it has probably 20,000 miles (since rebuild). It sat for long periods without being started back in the 80s and 90s. It now has a bad case of blowby which I have isolated to Cylinder #1 through a compression test (0 PSI on 4 different tests). I suspect broken ring(s) on #1. It took me from Kansas City to Denver and back last summer and ran OK but it seems to be deteriorating. It won't idle in drive now. I can drive it but have to put it in "N" at a stop. So here is my question. I'd really like to just fix the problem with CYL #1. By that I mean replace the rings on that piston. What kind of problems am I going to introduce? What are the ramifications of just doing the 'repair'. Comments/opinions appreciated.
Thanks.

Paul Sergeant
65 Monza Convertible (110/PG)
61 Pontiac Tempest Safari Wagon
66 Corsa Coupe (140/4 - 28,000 orig. miles)

CORSA since 1975
Member - HACOA, Corvair Minnesota, CORSA, Little Indians, POCI)