Ok

For starters you will need:

-New front and rear bearing, they are unsalvageable.

-New Piston pin & circlips.

Is the liner FREE from any corrosion? It shouldn't be corroded, but if it is, you will need to turf it.

Get some 2000 grit sandpaper and use it to "polish" off the rust on the crank. DO NOT SAND THE CRANK PIN, PLACE A PIECE OF FUEL TUBING OVER IT, if the crank pin has rust on it, forget it and buy a new crank, the tiniest little pit/scratch on a crank pin will eat rod bushings left, right and centre.

Clean the rod with a scouring pad, and check that the oil holes aren't filled with rust.

IMO you are probably better off buying a new engine, and keeping this one for spares.....