Only takes 1 score of the piston wall to kill the compression. I'd replace the head gasket. If compression stays low then hone and replace the rings.
Boring it is a preferance if you think you want more power (which is a poor dollar for dollar investment in power) or if the walls are too damaged to hone.
Either way you need a new head gasket. If you do decide to do something to the top end (hone, bore, w/e), take it apart before you buy the top end parts and inspect the bottom end for excessive play, w/e. (not likely a bottom end issue would cause compression issues but it's a good time to check fir wear)