I'd crack it open, hone and re-ring. Not very costly at all, and actually a pretty ease job. Clean carbs after to make sure you are getting proper fuel to the cylinders. Might end up getting quite a few more years out of her.
Loc: Mineral Wells, TX
Okay just redid compression test and these are the new results
Cylinders 2 & 4 Port Side 108 psi Cylinders 1 & 3 Starboard side 88 psi (up from 82 psi from previous test)
Did what Alumacraft 14 suggested and the Starboard side came up 4 points to 92 psi on both cylinders.
Do not know what else I can do cheaply till I can afford to start replacing things on it. I did install a water/fuel separator. Idling much higher now (after I made some adjustments) like 1100 in neutral and 700 in gear. But still cuts back once in a while to 300 rpm and then dies. Always starts right back up easily.
PanoPaul thanks for your suggestion but that is out of my expertise and I am sure I do not have the right tools to do a job like that.