I would see what is out there in complete engine land. You do want to find another engine with a better head than the #14 though.

That engine has probably experienced a serious overheating before as well. Warpage of the head alone is not really repairable on these engines. I am thinking cheapest approach to a satisfactory conclusion.

I live in rust belt land. A body check is needed to establish the extent of the rust before more money is spent.

If nothing else I know what serious rusting versus relative minor rusting looks like. What you are seeing may be far less than what is present rust wise. Probing until you reach back to solid metal is the test.

I would probably save dollars by going the complete engine route myself. Finding a high number head already on a good engine. I prefer to find an engine still in a car with perhaps accident damage. I will not buy or pull an engine without establishing the condition of it first.

Of course there is no way to be positive. Yet the chances of that head just being scrap metal now is fairly high. In my estimation.