2.7 rebuild machine work?

Crankshaft regrind, cylinder rebore and the normal headwork (regrind, port job, new guides, springs and valves) would be my best guess.

Would it include opening up the oil gallies as this engine seems to have sludge buildup issues?

Not normally, unless you want to build a full race spec engine. Sludge buildup can be reduced by using good quality synthetic motor oil, making sure the oil gets to operating temperature every time you use the car and regularly changing it. You can remove built up sludge by flushing the lubrication system with kerosene, but this is an expensive process which has its own drawbacks.

Thank u for ur assistance.

You're welcome. Good luck with the rebuild and remember to take a good running in period for the engine before flooring it!