I got your PM and sent you an email. My advice is to inspect thoroughly and fix only what is necessary. Valves don't expire, so don't assume it'll need a valve job because it's 20 years old, they could be in perfect shape.
That said, there are some parts that just make sense to change while the engine is apart: Rubber bits, like valve seals, do dry out over time and they are very cheap and easy to change, so those should be done. Rings should be changed any time the pistons are removed. Bearings can be inspected and re-used, but they are usually really cheap, so I recommend putting in new ones during re-assembly. Crank seals should never be re-used.
You may want to investigate replacing your heads with Vortec heads and installing a roller cam. I think they are both bolt-on improvements that Mercruiser used in newer 4.3s that will give a nice HP and torque boost.
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