IMO:
Stage 1
- get heads shaved and pressure tested, valves checked
- new head gaskets and head bolts
- new water pump
- flush/reservice/renew to good spec radiator
- renew all hoses - coolant and vaccum
- new belts
Stage 2
- Leads
- Dizzy
- Irridium plugs
- Carby service
After that it's personal preference I reckon.
Didn't you say elsewhere that this engine had blown head gaskets? If that's the case I'd be renewing every aspect of the cooling system! Consider tapping a bleeder screw into the highest part of the cooling system as it'll make it easier to bleed the air out once all is done!
Consider putting in an aftermarket temp gauge too like El_Freddo, steptoe and others have done, looks like it's helped keep their motors healthy.
When I rebuilt my EJ I bought an engine rebuild kit that included all the seals, covers and gaskets I needed for a full strip down, I think it cost me about $150 and I had left over as I didn't split the block.
I had the heads pressure tested, shaved and valves checked for $350. My torque wrench was brand new so I did the reattaching myself, although I reckon it would have cost about $100 (max) more to have had the engine specialist do it.
New head bolts and gasket kit was about $250 and sourced through the engine specialist.
Including buying a lot of tools I think I did my rebuild (pretty much everything I listed above) for about $2500. Now I have all the tools I need I reckon I could do it for around $1200.
Don't skimp on the little things or penny pinch - do it once and do it right! If you have to save another $500 to get that new carbie injector/better brake pads/new rotors/irridum plugs then do it - you'll be much happier and more confident in your work in the end!
Good luck
