I've changed head gaskets in cars built prior to 1980. It's not a simple job. Your car is currently in a drivable state (you can drive it to a mechanic). If you thinking about doing it yourself, get the car manual, it can help, and work out how you will sort it out if you start the job and can't finish it (i.e. price to tow it to mechanic to fix). If your really good with stuff like this, and low on money, yeah try it yourself, as its certainly one of those "lots of labour $" jobs and not all that much in parts/stuff.
Also, these things go for a reason, you can replace a head-gasket, not address the other issue, and blow one again. Each time you blow one you get coolant and oil mix and that means more work to clean all that mess up.
Sometimes you need to get the head shaved prior to putting it back together.
If you up to this job, it's very fulfilling if you think you might be able to work it out. Once you can do this, and service a carburetor (in an old car) you will pretty much understand how the whole engine works.
I'd just pay $500 instead of all the fucking around, and sell it immediately, to somebody I don't like.
an alternative sometimes with old cars is to get a reconditioned engine put in. I've put these in about 3-4 cars, and have been happy with the price each time.
I'm only ok with old cars like these:
everything after has all this pollution gear and electronic ignition & injection (yours has this i think), and looks like R2D2's guts. That shit is all beyond my patience.
just have a go at it, and keep us informed along the way, with more photos
fml
