mtd snowblower replacing piston rings

I have a MTD snowblower model 31A-240-800 the engine is a Tecumseh 3.5HP 2 cycle model TH098SA WITH 1726E whats involved in accessing the piston to put new rings on.do i need to hone the cylinder. i have the tool do i need a drill press or will a hand held drill work. the compression is 60PSI due to someone putting straight gas in it so it won't start. it wants to but won't.

Wow I havent pulled one of those apart in many years.

Generally access is behind the flywheel. Remove the pull or flywheel housing, you will need to figure what type of flywheel puller you need either a jaw type puller or one that threads onto the flywheel with a center bolt that pulls the flywheel off. remove the head assembly then remove the engine cover bolts and cotter key from the crankshaft. Use a dead blow hammer or block of wood with hammer to crack the cover seal, this can be tricky at times use BF&I (Brute Force & Ignorance) but with caution you dont want to crack or break the case. Once you get the cover off you should see the connecting rod with it's two nuts or bolts on the crankshaft, remove the rod nuts. You should be able to push the rod and piston assembly out the top at this point. Check the piston for scoring if it is you will need a piston also but check the cylinder also because if the cylinder is worn it will need to be bored and over sized piston and rings installed.

If you just need to hone and replace rings get a ball hone hook it to your drill and be sure to use hone oil or WD40. Run the hone down to the bottom of the cylinder then up to the going down and up to create a cross pattern in the cylinder but dont get carried away you dont want to bore it out.
http://www.spearsenterprises.com/pdf/ cylinderBoringFinishing.pdf
http://www.ehow.com/how_4727370_hone-a-cylinder.html