Pretty much, yes, except that the turbo is about shot, and the GTiR is simply too tired and too risky for me to dump any more money into right now. There's a whole list of reasons why I'm just wanting to go with a VE+T setup (using an imported engine) instead.
The reasons why I'm replacing the GTiR all together are:
Smoke (all of the time now), bad threads (worried I'll get everything done and won't be able to get the head to clamp down right), oil pressure issues (this could be the sending unit, which I'm replacing as well).
I've just had too much bad history with this engine to honestly want to put the money into rebuilding it. It has been a money pit since I bought it. By the time it's all said and done, for my power goals, I could have a VE+T, with a T28 mind you, and I'll have the car on the road a lot faster than I expected. I'm having to pay for shop time (moved into an apartment, no working on cars), so if I were to do a rebuild, the minimum I could expect would be an additional 2-300 dollars. And that's crossing my fingers that everything else is okay with the engine.
If I were to rebuild the GTiR, I would have to completely strip it, send the block in to have it machined (fix the head stud threads and hone the cylinders), get new bearings and possibly pistons, buy a new timing kit, and replace the oil pump for sanity's sake. That's not even counting the costs to either replace or fix the valve issues. I'd be in it for a lot more than a newly imported SR20VE, and I'm not going to be pushing any more than 400 at it right now anyway.