Yes, pull the head and check for a stuck valve. Before you take a mallet and tap it back down, I'd pull the side inspection cover and take a look at what things are like in the valve chamber. This can be done without removing the intake/exhaust manifolds. The valve stuck for a reason and gum and varnish are just one cause. On my 50K, the guide actually became out of round and it caused the valve to seat at an angle. I wouldn't have noticed axcept for the tappet being scored...something only removing the inspection cover will reveal.
If all looks OK there, then...with the valve still stuck up, take some PB Blaster and spray liberally down in around where the valve meets the guide. Also, do the same from below. Put some rags or shop towels in the valve chamber to catch the runoff or it'll dilute your oil. Too much sprayed in the affected area is never enough as you do not want to have to do this again...take it from someone who's been there and done that!
Then, once you're satisfied that you've cleaned up the problem, tap the valve down. Then, turn the engine over to ensure that the valve is opening and closing as it should.
Some things to note:
1. Make sure you drain the cooling system to below the top of the block or when you pull the head, you'll get a nasty surprise.
2. Buy a valve cover gasket and fuel pump gasket, you'll need both at reassembly. Autozone has both available.
3. When you remove the distributor, make a note of the extension's position in the block. This is the long rod that goes down into the block. It's has a slot cut into it at the top and bottom. The bottom half goes into the oil pump and the top fits into the distributor base. When you pull the head, put the rod back into the block in the same position BEFORE you crank the engine in the test mentioned bavove. This will ensure that you have the distributor where it needs to be when you reassemble everything. Make note of it's position before you remove it to put the head back on and reassemble it in the same spot. If you don't, there's a 50/50 chance of getting it wrong and the car will be difficult to start because the timing will be 180 degrees off.
Let us know what happens!