From my personal experience, overhaul is a very bad idea.
I've only seen it go badly. That is to say, the car is never 100% again.
I've recommended this, time and again, if your head gasket is blow, if the mechanic proposes you overhaul the engine. Get a working 2nd hand one from a scrap yard, take out the old, put in the one from the scrap yard.
Picanto engines may be harder to come by, granted, but with many popular car brands in SA the total cost will be the same to replace VS overhaul and in the end you have a much more reliable car because some backyard mechanic didn't put together your engine.
Even an experienced mechanic doesn't have the experience of a factory workers were they put together one engine after the next. Factory assembled engines are made to strict quality standards with strict guidelines.
Mechanics in a workshop, if you are lucky, has a lot of experience. If you are even luckier, he may have decent tools (things like precision torque wrench is a huge luxury in a workshop). You end up with a guy who "kind of" knows how to do it, he wings the parts he isn't sure about and he doesn't have the same precision tools the factory has.
Which is why you almost always end up having a bad time.
My 2c