I had an 1986 4str with the cvh bought with 36k on her was very similar to what you have reported (replaced CAM belt straight away), I was told by connoisseurs of the CVH (ford guys) that is was fairly normal. I changed the oil regularly flushing with crappy stuff, then the reportedly good stuff. Had many jaunts to the South of France, Spain, Italy in her (though that would be a stretch for you). I did think about swapping the engine for Zetec however at some stage I refurbished the weber put a S/S exhaust on her and a KN'; didn’t hear a thing after that bar the ping ping of the fuel pumps more often!
Didn’t need a four seater once the other mortgage finished Uni and left us. Then got the Roadster, Whoopee!
Hope this helps alleviate some worries.
