Here are the choices I made.
Car #1 was a 280SL with 239K on the original engine. It ran OK but had the same smoking issues that you describe. When I took the head off, you could see and feel the ridge at the top of the cylinders. It was a terrible car with a lot of badly repaired rust, and I didn't want to put a lot of money into it. So had the head rebuilt including new guides and put it back together. It ran fine for four years, including a 600 mile freeway trip to a friend's beach place and a trip to Maine.
Car #2 was a 230SL with a destroyed crank (run out of oil). I bought a used 230 short block that really didn't look any worse than the 280, but on the advice of the machine shop, went ahead with a full rebuild. The pistons were hard to find, and very expensive. Back together, the car ran OK, but not any better than the 280. The mistake that I made with this car is that I bought all the parts from Metric Motors and had a local shop do the work on the short block, so I saved a couple of hundred bucks mainly due to not having to ship the engine to Metric, but ended up without a warranty.
In the course of figuring out what to do with car #1, I asked about new rings. One place recommended Sealed Power rings, which were supposed to be designed to conform to cylinder walls in situations like this. There was other advice to the effect since there was no obvious scoring or other cylinder damage, that I was better off to leave it alone.
It always comes down to the condition of the car, your plans for it, and money. If it's a nice car, and you are going to keep it for a long time and are comfortable with the expense, my advice would be to go with a short or long block from Metric and be done with it once and for all. Otherwise, just rebuild the head.
Cheers,
CT