Cool a two owner 80. The high mileage shouldn't be that big of a deal, if and only if, it was properly maintained and not abused by the PO's.
Mine has 203,000 and is running strong, after alot of work.
If it were me, I would definetly do the head gasket as soon as I got this though. Just in case.
Since it's all apart anyway, you might aswell clean out the intake manifold, flush the cooling system and transmission. 220k worth of oil and EGR crud will really gum that thing up. Mine was horrible at 185k and was throwing codes due to all of the vacuum ports being blocked.
Hopefully you can salvage some parts from your wrecked rig to spruce this stock one up quickly. Let me know if you need a hand wrenching. If you can get a couple cruiser heads together you could do most of the preventative maintenance in a weekend.