Checked my oil today, only to find that it was cloudy/milky in color. I have a 1977 b210/120y
with an A14 engine.
1.Does any body know of any issues this engine has with blowing or leaking head gaskets.

2.If i changed the head gasket would the head need to be re machined i.e. is that a mandatory step or do i not really have to worry about it?

3.Do i need to replace the head studs or would the old ones be fine.

Im freaking out here cause i have to do this fix as quick and as cheap as possible(i need the car to get to school and work). I can do the work myself and my friends own a auto shop.
I cant seem to find much info online.
Any help would be greatly appreciated.