I would find out how strong your current engine is before deciding which path to go. I would start off by getting the oil pressure checked and then a compression test.
Is there any reason you feel the engine is weak or needs replacing besides the miles? When you start racking up miles on an engine, alot of things affect how well it holds up and here are just a few:
* What type of miles were they. Highway miles is far better than stop and go around town. * Was the engine pampered or well used and abused * Were frequent oil/filter changes and maintenence always done. *Was the engine ever really overheated or run low on oil for any length of time.
IMO, if the engine proves strong, go with the heads otherwise if it is feeling under the weather

and not up to some serious abuse, replace it.
Hope this is of some help and good luck with your decision.