Definitely time to pull the head and assess the damage. Any good machine shop can replace the guides and resurface/replace the seats, but with that amount of movement, lets hope that is all that’s necessary.
Good luck and keep us informed.
Phil Moderator, The Engine Shop, Interiors and Project Journals
1952 Chevrolet 3100, Three on the Tree, 4:11 torque tube Updated to: ‘59 235 w/hydraulic lifters, 12v w/alternator, HEI, PCV and Power front Disc Brakes Project Journals Stovebolt Gallery Forum