if its just to run 7psi, and it only has 150k on it i wouldnt bother, just keep saving your money for a proper rebuild if you plan to do it.
some items you MIGHT want to replace though, gaskets, hoses, piston rings, make sure your valves are sealing and arnt carbon'd up.
how far down the track did you want to put more power into the engine? what engine?
how much money were you wanting to spend on this engine build (refresh)??