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yes you can replace them, you may need new valve covers though. Youre better off gettin some AFR's. The 86 with aluminum heads had 5hp more than the cast iron.
You also remove some pounds off the front of the car, and can increase compression by 1/2 point.
Be sure to use a thin head gasket for good quench, not the fat 051" gasket the factory used. I used GM performance gasket# 10105117 - "Composition Head Gasket (Cast Iron or Aluminum Head)
This composition head gasket with stainless steel faces is recommended for stock and mildly modified engines with 4.00" cylinder bores. Its compressed thickness is .028"."
It's made by ROL for GM.
Install it with the Graphite side up, and the metal side down, on perfectly clean surfaces.