It could be any of the above... a cough can be cancer, a cold, pneumonia or even the flu (or you're a smoker).
It's impossible to know until you get it apart. All you're doing is looking at symptoms. You need to do a biopsy, an endoscope, or a full-on surgery to get your answers.
Bubbles are common in aluminum head/cast iron block engines and MLM head gaskets are supposed to help. But with the 12Ht you have iron on iron and a traditional head gasket material.
There are too many other factors as well, a super-common failure point for head gaskets is the totally inadequate coolant maintenance (as evidenced in General Motors products and their use of "long life" organic acid coolants :whoops

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It the engine has 300k Km on it, you should consider doing rocker arms, machine the valves, and a few other things while you're in there.
Good luck on the project, but I think Br. Lowenbrau may be correct.