Gaskets.
Gaskets, gaskets, gaskets, gaskets. Should do them all while the engine is out of the car. Front and rear main seals, all new belts including timing belt and pulley, basically freshen up everything you can while you have the chance. Plan on replacing worn out rubber hoses as well, since many of them will probably be as old as the engine itself and have never been pulled off. Driftmotion has an entire 7M kit of gaskets and seals for just such a job, and there is also a silicon hose kit you can get to replace all the rubber underneath the hood as well. You have to measure and cut the right thickness hose for each one, but it saves future headaches and makes the engine bay look even better. Don't forget to toss out those old hose clamps and get some new ones that screw on tight with a flathead screwdriver.
Also, like it's been said before, starter, water pump, oil pump (if you can afford it), etc...
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