Could you please let me know what the pro's/cons of each are on 83 240D junkyard engine being rebuilt with bores miking on the button at 3.581, some coarseness due to rust being removed with kerosene:
-(Optimum Solution): New Sleeves, Pistons, Rings
- (Poor man's Solution): Just reringing, hoping for decreased oil usage/better compression
- (Wise Oldtimer's Solution): Leave everything as is , because parts have worn to "fit"; do not hone or mess with metal by reringing

The least that I would do is hone & rering the cylinders. Have the bores checked after a good hone job, if you're still below "max wear limits" then go with it. If not then new sleeves & rings would get the job done.