Sorry Kenn, but the chances of success when doing this on the car are not good. More chance of screwing things up worse.
I don't know what your tolerance for vehicle downtime is... it may be easier if not cheaper to acquire a junkyard cylinder head and just swap it on. I've done this... it was the two lower rear ones on an 89 240 head. No way of getting it done in the car. Not enough room and the angle for drilling is poor.
If the head is not overheated, it shouldn't need more than a good cleaning in order to seal up again. The head gasket is really not too bad a job, though of course it means removing the timing belt, valve cover, and so on.
A gasket set is like $40 from FCP. Removing and re-torquing the head requires a 1/2 inch torque wrench, a breaker bar, and a strong arm.
Drilling and re-tapping the head for new studs will require a lot of patience and a steady hand. And good drill bits. Get cobalt bits. They aren't cheap but they will chew those old burnt studs right out of there. Special left-hand drill bits are a big help with this job too. Start small, get the bit centered, and work your way up. Getting off-center or crooked can mean trashing an otherwise good head. You may just want to take it to an auto machine shop for stud replacement. Should be very straightforward for them. Here they charge like $10 for a replacement.
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Rob Bareiss, New London CT ::: 92 244-M47-208K ::: Bilsteins, Turbo swaybars, Virgos, Lowered, Group A wing, Tach, 6-Disc, Satellite Radio, Keyless Entry ::: Coming Soon: B-Cam!
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