Will most likely need to be bored, these old kohlers are usually quite a bit out of round and tappered by the time a rebuild is needed.
New valves are often a good idea, seen some that the stems get so corroded away over the years that the head broke off!
Tear it down and have your machine shop measure your bore and your rod journal to see if an oversized piston or undersize rod is needed, so you can order your kit with the proper sizes.
The Stens and Rotary kits seem pretty decent, for the money they work well. If you tried to order all the parts genuine Kohler, it would easily cost 4 times as much as the Stens rotary kits.
I would also recommend replacing the governor gear if it is one of the nylon ones.
Check the valve guides for wear as well.