It depends a lot on the "something has occurred". Low compression on 1
cylinder might just entail removing that cylinder and fixing whatever
is wrong with it. This way you get to replace the engine 1 part at a
time. I think this is probably the cheapest way to go, but then you
always have the risk that a 30-yr-old connecting rod is about to let
go.

On the other hand, the experience with total overhauls hasn't been all
that great.

You are the decider, not the engine shop, though it's worth asking
their opinion.