You have to pull this motor just to change the oil
Just kidding. But seriously, yes, pull the motor. As Ace said, you probably won't have to worry about new pistons, etc. But if you just bought it, then pull it so you can inspect everything correctly. Have your local machine shop check the bore, pressure test the heads, inspect the crank, and obviously change the valve seals when you swap the bent valves. If you do not know a lot about this, then let the machine shop take care of the tricky stuff. Let them install the new rings so they can set the gaps correctly, and let them test/resurface the heads and rebuild them.
Since you got it for only $500, you have a good bit of breathing room on the car. Get this stuff done at the beginning so you can enjoy the car rather than pulling it apart 3 times a year.