At a recent "Tire Kicking" session in a private Mercedes repair/restore shop, the owner talked about a "Top End" job.
The typical symptoms are oil on one or more plugs; some grey smoke on acceleration from a stop; using more than normal amount of oil; one or more cylinders may stop firing. The car being discussed was a 280SL that burned excess oil and had a couple of cylinders that would stop firing after a few of hundred miles even with new plugs. The plug tops were oil covered.
Top End job requires removal of the Valve Cover and the Head to examine the Valve Guides. Each valve moves inside a Valve Guide. Guide is a two inch (?) long hollow cylinder made of brass or steel, if I remember correctly.
The Guides wear over time allowing oil to pass along the Valve Stem that can foul the plugs. While replacing the Valve Guides, the Valve Springs and other small parts can be replaced; and the Engine Block can be checked for being Level ("True"). Each Guide is installed forcefully (hammered) into the Valve Stem passage.
A well done Top End job can correct the symptoms in most cases but, as Joe says above, the trouble could be deeper and Piston Ring replacement may be necessary.
Cost of a Top End job in the US in July 2010 typically ranges from 1,500 to $2,500.
Richard M, NYC