One goal, SO many directions.
Good way to eat up a grand is to improve the pump side. ARC flywheel, crankshaft, rod and B&S Hi-Torque Starter. Not counting squaring up the block, boring cylinder, gasket set and new piston/rings.
Cylinder head and valvetrain is a good way to spend more!
"Well, I'm going cheap and don't want to spend that kind of money."
To that I say, "Well, get comfortable in the back of the pack."
I hope that's not your response to this post, and pardon my cynicism, but that's where it goes most of the time.
Yes, a flathead crank and counterweights can save some dough, they are good crankshafts. But if you don't advance timing a billion degrees BTDC, the ARC crank will get you years of trouble-free service. One less thing to worry about while you begin to invest in other areas of the engine.