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It`s your first bike and your first project and the CX you have there will be an ideal start on the learning curve of motorcycle wrenching...
Getting it running perfectly will involve a LOT more time/money/experience and might be too much effort for what looks like a bike past it`s best..

It`ll run OK in that condition but as you say may burn a little oil and be down on performance. If all you want is to get it running to a reasonable condition i wouldn`t throw too much $$ at it and that means using the cylinders as-is.
Carefully inspect the valves and seats - the seats especially do not like sitting for years in damp conditions and will corrode to the point of them being not saveable.
 
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