I'd assume the piston is bad also? If your piston is bad but cylinder wall is ok technically you can just replace the piston, sort your head problem out and go down the road. There is nothing wrong just repairing what is broken.
In a perfect world you would just do what you already mentioned, overhaul the whole thing.
Over time I have seen plenty of piston issue that were result of valve hitting or damage like yours, but the guy couldn't simply afford to overhaul the whole thing. If the bore wasn't worn out, it got honed and re assembled with new parts for the cylinder. Just make sure whatever you do about heads, take to machine shop and have them gone thru right. At least buy new intake valves, the stock ones are like melted down Chinese spoons.