Hey guys I am new to this forumn althought i have had my mr2 for 5 years. My mk11 mr2 GT with 140*** has just started blowing some smoke from burning oil, my mechanic has confirmed it is the head gasket on its way out (milky oil). So from everyones experience, what are my best options!!! Top end rebuild? Full rebuild? replace gasket and machine head? All comments appreciated. Please tag sites for new engines, half cuts, or even rebuilds and prices. Just looking at the best foot forward without emptying my bank account. I am not selling this car/scrapping this car. 

Some figures;
Bilstein Track suspension, standard rebuilt turbo (runs 12psi), High flow intercooler, Genuine Fukui Departure II twin exhaust,  Bigger vented front disks, Just been resprayed in Rosso (ferrari) red with charcoal 17" rims. HD Clutch, New Gearbox with longer gear ratio, short shifter. Quite standard mods. This car is not raced, flogged, it is simply my weekend love + cruiser. 

hmm, wonder why no-one has replied..??
Anyway...since it is difficult to know whether the rest of the engine needs to be looked at or not,
you would have a better idea about that....what I will say is that a head gasket is independent of everything else. The rest of the donk might be 100%.
 Hopefully you weren't driving around for weeks with water in the oil ?? 
 

What's the mileage of the motor? Was it running well prior to the blown HG? Any other issues with the motor other than then HG (eg valve stem seals etc)? Timing belt etc up for replacement?
 
If the motor & accessories were ok, easiest would be to simply replace the HG & shave the head. If not already done, I'd probably take the opportunity to replace coolant hoses etc if not already done.
 
If not ok & if you're the nervous type wanting to future proof yourself considering you want to hold onto the car (thumbs up for that btw), rebuild time!

Ahhh thank-you guys so much - this is all really appreciated information.

As you said mr2quik and yes belts etc due 'if you're the nervous type wanting to future proof yourself considering you want to hold onto the car (thumbs up for that btw), rebuild time!'. 

The rest of the engine IS in good condition yeah - always ran (still does) like a dream! But, she is 25 years old and with dodgy head gasket so I have confirmed plans to rebuild the top and bottom end!
Top end OEM everything you can imagine replaced, new Excedy HD clutch, machine fly wheel, Bore + hone bottom end (if needed) with new forged pistons - balanced from flywheel through to crank. Easy way to spend some money! And this is a basic major rebuild!

But, do it once and do it right boys - the poor man pays for it twice. 

So i guess at the end of this, i am NOT looking for high output - but i will have a perfect example of a mr2 that should not break and should last the test of time (in the immediate future at-least). IDB in Melbourne is doing the work - they have dealt with countless mr2's. 

I dont know how to add pictures on here! but

Maybe also consider a metal HG (HKS or Cometic) with ARP head bolts...