Yes you could rebuild the head and install new exhaust with a high probability of it running fine, however there is a risk the connecting rod may be bent but you may not even notice. A simple check to give an idea if itís really bad is to rotate the engine until the piston is at the top of the bore then use a feel gauge to check the distance to the top of the blocks deck. Do this all around the circumference of the piston. If the measurement is the same itís most likely not bent.
1997 2400 SCR
5.7 Vortec / Bravo 2