Personally, I would pull the head and check everything out to avoid wasting more time. There are many parts you should replace while your in there though. Valve guides, valve seals, cam seals, distributor o ring, cam plug, head gasket, intake and exhaust manifold gasket, TB gasket, etc.
If your really in a bind though, you could get everything to tdc, install a new timing belt, water pump, and tensioner. Then either do a compression check or start it up and see how it runs.
Its really hit or miss, the only way to be certain is to pull the head and check.