Whats this piece of red carpet, I havnt seen this on mine 

Smoke and noisey tappets from cold or when very hot, spot any of these and haggle away.
Top end build is a new headgasket and skim if you do it properly, new valves and seals and guides, dont skimp on guides or valves as just seals will blow through quickly, check tappets for wear and replace if required, new chain cambelt and tensioner, new oil and coolant.
Manifold gaskets in and out, Rocker cover gasket, injector seals, budget for some new studs in the head, head bolts, silicon sealant. with reasonable luck this should cover you to rebuild the head. Add some set up time to get it all running right Kjet/digi etc etc.
Not killer hard to do just take your time and dont skimp.
All the valver heads ive been involved with were made worse by a worn oil pump and resulting low oil pressure, if this is the case it is prudent to check for wear in the bores as I have found to my cost

Haggle as ABF's are cheap if you cant be bothered with a re build and a few days in the shed