The main difference between the LO and HO are cams, computer, and the pistons. The LO has a cr of 9:1 (IIRC) and the HO is 10:1. In some cases they had different intake and exhaust manifolds, also.
If you get an LO, you can just swap the cams and computer to HO spec and get a good increase in power. I'd just spend some time looking at the junkyards, LO's are a dime a dozen, but HO's are a little tougher to get. 90-92 were the best years.
The majority of head gasket failures was due to a run of improperly stamped head gaskets that GM got. It's tough to find a quad that hasn't already had a new head gasket put on, but if you have any doubts you can get a fel-pro head gasket kit for about 110 bucks.
You can also get brand new HO crate engines from www.mantapart.com for 2-3,000..
------------------
1988 Quad 4 Coupe 5 speed
More pics of the coupe
1986 GT 5 speed, 1984 SC Auto
AOL: LastMinuteBastrd AIM: SavedbyJebus