if you got a toasted/bent/broken valve, there's goign to be more than just cleaning up the head, its going to need a valve job ... and if the broken valve stem has wedged in the valve guide, ugh. before I get a new head, I'd take your old head off and inspect for cylinder head damage, as there's no point on putting a new head over a cracked piston or damaged cylinder...

 

To all my VF new found friends!
Been conversing over at RWD - The Volvo Owner's Resource and received more good guidance. Turns out that the spring on #4 Exhaust was broken. Enough so that it made that lash noise, but not so broken that the valve contacted the piston. Thinking I have dodged a literal bullet here. New spring and keepers, timing belt, idler, V-Belts, and she should be good to go!

Regards,
Bill