Engine Strip Down

[Bonzo]

I'll second flyerncle's advice

Pound to a penny that the hole in the sump was made to drain the oil
Our local breakers punch a hole in the sump rather than undo the drain plug

Worth checking the exhaust ports for signs of burning oil ( Black & greasy ). CVH engine valve seals tend to leak if the engine has not been well mantained or covered high mileage .

New valve seals will be included with a head gasket set

Parts wise, Head gasket set, bottom end set, timing belt ( renew timing belt tensioner if unsure of condition )
Inspect the water pump ( renew if in doubt )
New spark plugs, leads, rotor arm & dizzy cap if required
Oil & filter