New rings aren't going to help if the cylinder wear is too great. You need to check the ring gap with a new ring down the cylinder to determine if the gap is within tolerance. If the cylinder is worn out, you might not be able to get replacements for a machine that age. If you can get them, they won't be cheap.
Good point on potential for cylinder wear. I checked with my machinist today and he can put a cylinder sleeve in if needed for between 150 and 200 dollars.
Thanks for the input
Karl