Methinks that pitting is above the rings for the most part. And a lot of that would clean up. May not be perfect, but it would run fine. I just hate seeing "project creep" get totally out-of-hand. Personally, I like driving my car more than fixing it. Also I am a cheapscape big-time.
Back in the 70's I got a 350 Pontiac engine for a 67 Lemans convertable I had bought without an engine. Anyway, every hole in that 350 looked like #3 above. Soaked the pistons for days, then smuck em with a block of wood to get em moving. Honed it, rings and bearings, on the road again, ran for years till I sold it.

JScottM, if you decide to chuck the 1438 let me know, I will take it off your hands.
Keith

Two of the cylinders have some pitting so I am guessing bore at this point, wondering what the availability of oversized pistons is if I go that route, pretty much just weighing my available options at this point. the cylinder that had something bouncing around in it has the worst of the pitting that is visible, haven't had a chance to try and crank it around at this point.


IMG_1460 by JScottM, on Flickr

P.S. Not Gifting or Selling, in it for the long haul...

Gorgeous car, by the way. Definitely worth restoring, and that is my favorite classic Spider color! I have no more advice than what was already given above, just wanted to offer encouragement for what you are doing!