If time wasn't an issue then that's what I'd do as well. While it was apart I'd be thinking about having the bores honed and new rings fitted, or at the very least thoroughly clean the rings and the ring grooves. Actually, it would be madness not to check and measure everything while it was apart...
The sludge is 'made' in use through heat and chemical reactions with combustion products etc, so if the engine isn't being used...
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