Tin worm attack ...
AO Gold Member
Join Date: Jan 2003
Location: United Kingdom
Cam belt failure will normally only confine damage to the head ... unusual to cause damage to pistons, etc. So a cheap option would be a second hand head, new belts (including tensioners, etc) and new big-end shells. Depending on mileage, a new water pump is an option on a TS and a new variator if you have one (some low HP 1.6's don't).
Otherwise you will definitely need some new valves, possibly some valve guides, gaskets, etc.