Sorry, there is no such thing as a cheap engine rebuild. The money you are wanting to spend will not help you much. I would not recommend that you attempt to overhaul an engine without the knowledge to do so, from your description it doesn't seem that you have ever been into an engine so I would say find someone who has a reputable shop or a technician/friend/relative who would has the knowledge and would be willing to help/teach you if you want to learn how to do this. Find all of the information you can about this engine and the procedure to remove it from the vehicle safely, engines can be awkward and difficult sometimes to remove and without the proper equipment you could be injured or killed in the process if the car or engine should fall off of the jack stands or hoist in the process. In the process of overhauling an engine all parts should be hot tank cleaned and the block and heads checked for cracks along with deck and head flatness, resurfacing may be required. The heads should be disassembled and the valves and seats inspected and ground, they may have to be replaced completely because this engine was built when leaded gasoline was used, with the end or lead as an octane booster and valve/seat lubricant older non-hardened valves and seats will wear rapidly and defeat the purpose of the valve job. The cylinder bores will need to measured with a dial bore gauge for taper and out of round, if not in specification the block will require boring and new pistons. The crankshaft journals will need to be measured and the crank may have to be turned to replaced, new bearings either way. You will need an new cam and lifters, timing chain, new oil pump and an overhaul gasket set, If you do the job correctly I would say easily figure on $1,000 - $2,000 including all of the machine shop work. If you aren't going to do it right don't do it at all it would just be a waste of money.