It looks like the experts are divided. The valve guides are worn a bit (just a little smoke at start up). Everything else looks pretty good on the upper end. We put around 5k on it each year so I am not thinking highly of a head job right now. I would like to address that when it is a critical issue. I hate to rip open the chain cover to replace the lower guides and cause a leaking head gasket. So let me try another approach:

If an upper guide goes out it sounds like a virtual guarantee for bent valves. What about the lower guides? If one goes out does it cause a death sentence or will it just fall into the pan? What are the signs of a broken lower? I assume a loose chain, but if the tensioner is working correctly it will take up the slack, right?

The more I think the more I want to just do the uppers, chain and tensioner :-)

And thank you folks for taking the time and care to answer. I do appreciate it.