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Yes, you can remove heads without removing engine. It is easyer than removing total engine, but is a major job. Hardest part can be removing the exhast manifolds. After you remove all the uper parts of the engine i.e. EFI etc. spray some wd-40 or lock-free spray all over the exhast manifolds bolts and allow to sit over night. This may save you from having to use a torch.
If the engine is a fairly high mileage unit, take care when just doing the valves as the regained compression on the top of the cylinders may cause older weaker rings to deteriorate much faster.
Poffutt is right though, you can just remove the heads and have a valve job done.
Why do you want to redo the heads? How many miles on the motor? If your gonna go to the trouble of replacing rings and a valve job, just overhaul the entire motor. I see so many guys try to do small amounts of a rebuild only to have the main bearings or journal bearings go out 15,000 miles later and have to do it all over again. If your doing it your self the added amount of money you will spend on parts will be minimal. You can get master overhaul kits for around $300.00.
The master kits come with pistons, rings, main bearings, journal bearings, all seals and gaskets, oil pump, etc. Everything you need to do a major overhaul.
I just rebuilt my 94 5.8 EFI. The kit was $599 plus shipping. Instead of doing the heads myself I bought rebuilt heads for $135 a piece. Hope this gives you an idea. If you want info on where I got my stuff let me know.
$599.00 for a basic master kit is a little expensive. Unless your getting some extra goodies in it like hyper-eutectic pistons or something.
Heres one from kitpros.com: Sale Price: $370.68 MKP653D 1969-5/2/72
MKP653F serial #P200001 in 1972- ser# A50001 in 1976
MKP653H 1977-83
MKP760A 1984-86
Engine Kit Contains: [*] Rod Bearings & Main Bearings (Flanged Main no Thrust Washer)[*] Full Gasket Set (Less correct Intake Valve Stem Seals for 1986)[*] Molybdenum Piston Rings & Cast Aluminum Pistons[*] New Oil Pump[*] Brass Expansion Plug Kit[*] 3 Piece Timing Chain Set[*] Camshaft Bearings[*] Flat Hydraulic Valve Lifters[*] New Camshaft[*] Cam Lobe Pre-Lube
Brands: Federal Mogul, Fel-Pro, Sealed Power, and Sterling
Napa online had one for $470.00, but I wouldn't go much higher than that because for $790.00 you can get a longblock already re-built with a warranty and all you have to do is drop it in.