Let the oil pressure tell you the condition of the bearing oil clearances. Let the compression tester tell you the condition of the rings, valves, and guides. As long as the compression test is uniform cylinder to cylinder within 10% or so, and the engine shows 10 psi per 1000 rpm (up to around 45 psi if the pump has a stock spring in it), do exactly as your Dad said. He sounds like he's been in a rodeo or two already.
If I were going to do anything "just because", it would be to replace the timing set.