If you're on a budget for this one, just reseat the valves, and maybe bronze guides. You'll need extractors, as the cast exhaust is not a bolt-up.
Porting and polishing is not really going to be of much use if no cam change is intended. The only "maybe" is to cc each head, and skim the 2V to equal the 221. I like to dress the rocker faces with an oilstone to a nice new smooth curve.
Then, if your timing set is ancient, fit a new JP or Rollmaster one. Also, fit an XD or XE electronic distributor. This requires a little skill and a slight mod (drill and tap one hole in the block).
All of these mods will give decent power and adjustability. Stick with the factory Stromberg carb unless you can afford to dyno tune a Holley. You can get a manual choke conversion for the Strommies.
Was this the head (engine) that went cheap last week or so in the Trading Post?
Cheers, Adam.