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What about issues of damaging valves if the timing belt breaks? Didn't they engineer a remedy for that at some point?
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The engines don't have timing belts. But the camshafts are driven off two chains. The Carreras used oil lines to maintain the proper tension -- referred to as "Carrera hydraulic change tensioners". Updating earlier engines to the Carrera system is extremely common -- and pretty much expected on any car that is not a concours queen where originality is paramount. Most SCs have already had it done, but not all. I would say it is a value deduction if it has not.
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IMHO find a 1988 911 with less that 100k miles. Find a qualified wrench and do the PPI. Plan on spending 19k to 21k on the initial purchase and then another 5k on needed maintainence. Good luck!
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$19-21k is toward the bottom of the market for a sub-100k G50 Carrera. If you can find one at that price, there is something off with the condition, the history, or the mechanics -- or else you are quite lucky, and you better act quick. A well sorted G50 car around $20k will sell in hours -- especially if it is any color other than red, white, or black.
$25-28 is more average market value on good cars with history, records, and no major condition issues.
High retail for dealers and top condition cars is $30-35k depending on colors, mileage, mechanical condition.
They are all 25 years old, so don't expect ANY air cooled car you buy to be completely free of things to fiddle with. Being a 914 guy, I'm sure you get that.