that link earlier in the thread is to a honda s1, was that intentional?
most of the 'problems' of the K-series have been resolved as people have upgraded and had work done to them.
A lot of the HGF issues are resolved by:
making sure liner heights are correct (which is about 4-6 thou iirc).
fitting a prrt/prt
http://web.tiscali.it/elise_s1/
The liners don't 'drop', they came out of the factory low. DVA can adjust high ones, not sure about low ones (that may requite a new liner cutting in).
A lot of the decent cars have had headwork now. People like DVA and Sabre Heads peen the heads and make sure they've not 'gone soft' before working them. The peening helps prevent any proisity after it's been skimmed. They are correct any machine errors in the valve guides fit new ones (Rover machining had quite big tolerances).
If the head was fitted by DVA he will have checked the liner heights so youll know its good.
Cams make a big difference but they need to be timed well. Anything over 260 in duration tends to need an aftermarket ECU. Guys are running the std ecu with a 264 dur 10mm lift cam but its required careful timing and increased fuel pressure.
They rev to about 7k, any more or over about 170-180 brake and the bottom end needs work. Rods and pistons. The VVC engine has better pistons than the std one. I cant remember if the crank is different.
Cranks can struggle with wear but if the cars been looked after, if it's had shells looked at if its high power, of if its std power it should be fine. I rebuilt a 90k miler on about 125bhp and they were fine for a 90k mile engine.
The VHPD (Exige, Sport 190s) have a very different engine. The head is very different and the bottom end is more substantial (bigger journals iirc). People have had to replace shells, pistions, liners from 2k-8k miles. I think a reccommended rebuild or at leas inspection was about 2k miles for the VHPDs. The cams are quite warm and some find it too lumpy so replace the ECU.
I've never had a VVC model, i dont know how great it is but i know a some heavy track users remove VVC. A lot of the good stuff about the 160s was a result of the geo setup, most of the decent S1s have better aftermarket suspension now, nitrons, gaz, S2 billies.
not many change the brakes. decent pads are a must.
The later S1s got heavier. Started in about 2000 i think.
A lot of them now will benifit the bushes being replaced beucase the rubbers getting old. Even if they have the S2 Billies it doesnt meant they dont need replacing.
If it was me I'd be looking for a K putting out up to 175bhp (for reliability) or a K with 180-200 with bottom end work, a VHPD engine to do many miles at over 190bhp and frequent rebuilds on reccommendation from someone like DVA. Or a Honda or Duratec conversion to get a safe, easy 200brake. (the k is super light tho)
I'd want GAZ or Nitrons and a full suspension refresh within recent past.
Decent paintwork, tidy, reconitioned interior.
You'll spend about 10k for a good k example with mods, up to about 13 for a perfect K with very high power, maybe as much as 16 for a engine conversion S1.
HTH