Get the compression/leak down test done.. you don't want to go through all the expense of TT'ing only to find out the motor wasn't healthy. And in the case it isn't, it will give you the option of swapping it out or rebuilding it... you'll be paying(or performing) the labor to drop the motor regardless to install the TT kit.
Never heard of upgrading the cover gaskets... interested to see if anyone else around here has had that done.
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