Overhaul !!!!! ??????

My local mechanic says that I need to overhaul my engine. It's got
1200 hours but it's been 27 years since the last overhaul. He's
worried about the age, and he hears "piston slap" when he runs the
engine. Compression and oil analysis are fine. He is well respected
around the local airport.

He proposes either a name brand $16,000 overhaul, or a less costly
option where he and a local aviation mechanic professor can work on it
together ("two eyes are better than one" he says).

If it makes a difference, I don't live in farmland. I live in the
forest, with forest and lake for 100 miles in every direction.

Any advise? Any way to explain to the wife? Anyone want a nice C-150
with a new paint job but a tired engine?