Some of us here need to remember that not ALL the members have the same deep pockets. Each of us has to RESPECT the decisions that each of us make concerning our own cars. Just because your opinion works for you, does not mean it is going to work for everyone.
I read all the following posts after this, so just using this to reply. I too have done the "get by" thing most of my car life. Never had much money as a young married adolescent with my car hobby and its how I learned to fix my cars - junk yard parts, trading, and bandaides. Used to use a borrowed tri-pod and chain hoist to pull engines, laid on the ground in all kinds of weather changing out bad transmissions with a "good" one, and did my share of clutch replacements. Got so good at a few things doing it over and over that I had all the tools in the trunk and the "spare" parts I knew I needed. LOL
Then with 2 ex-wives & child supports, a bankruptcy I had to pay off, and just trying to keep up with living expenses, shade tree mechanics really becomes an art and I drove some heaps! LOL Has taken me over 25 years to bounce back and I'm now 59. Yep, you can certainly wing it and it may be the best you can do on a budget as I was all to familiar in doing that with the beaters I often drove. But if it is not a primary car you have to drive everyday to get to work or the store, it would be far better to save up and do it right the first time even if it turns into a 5-10 year project.
I learned trying to rebuild/restore your car while you drive it as a daily vehicle is a near impossibility - its like a cat chasing its own tale. Doing bandaide repairs are just that and become very frustrating as you really want to drive the car "now" and it is either breaking down at the worst times or you are using up a lot of your free/family time keeping it running until it breaks down again with some other needed fix. Wives and girlfriends don't seem to have a lot of patience when it comes to walking home or calling family/friends to pick you up because the car broke again. Had one girlfriend who refused to be seen in two of the cars I owned so we always took her Eddie Bower Explorer, and another told me I had to sell my Dodge K-car and get a newer/better one because she didn't really want to ride in the old thing. LOL
The prices to rebuild these cars are not like days of our youth and you can't go and get a low mileage junk yard engine from a 4-door for $150 anymore. Even I have had to bite my lip at some of the bills I have received in presently rebuilding my Lemans. LOL But, I accept it will be a 5-7 year build, it costs what it costs and I am honest with myself with these costs because I want to build it my way and build it right, and it'll be a "toy" for weekend cruises and car shows that will hopefully last until I can't drive anymore or gasoline goes out of style.
So if rebuilding the block in the frame, cleaning it up, honing cylinders, re-installing original parts with new bearings, rings, and gaskets is the best you can do - been there done that on a couple cars myself to keep them going - but you need all the equipment/tools which is an investment unto itself.