Posting the follow up to my experiment.
To review, the motor got hot, blew a head gasket. I had just done the head gasket last summer, but my dad's been driving the car with a cracked radiator..... ugh.
Last time I did the job I replaced everything - timing belt, hoses, gaskets, even a new timing belt cover.
This time, I replaced ONLY the head gakset. I pulled the head with the intake and exhaust still bolted on. however, the head was warped about 10 thou.
I decided to try a cheapskate experiment. I used machinists bluing dye and a 18" flat file to dress the head surface. I got it to within .004" flat and left it there. I bolted it on, and everything is OK so far after about 300 miles!!!!!!! I even re-used the valve cover gasket - I just coated the gasket surface with standard grease to help it seal, and so far so good..... Compression is back up to 145+/-10 psi. Pretty good for an engine with 200k miles. What a great, durable motor.....
Total spent = $35 for the head gasket, plus consumables (cleaner, oil, filter, antifreeze.....)