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If those are the only problems, sure $200 isn't such a bad deal.. and you could probably fix the problems easily. In fact it may be worth pulling a head from a 240 in better shape. They are that cheap, and pulling the head is extremely easy (hey.. if I can do it).
As everyone else pointed out, I'd be more worried about the problems being symptomatic of a neglegent owner. Heck, I'd worry about what caused the valve to burn in the first place.. or if the engine was run without oil for a significant amount of time.
- alex
'85 244 Turbo
'84 245 Turbo
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