As an update...
So, I persevere with the Boxster. I spent £600 getting the aircon sorted, a new hood with glass window and a new key switch. Car's looking good and driving great.
So about 4 weeks ago I used it for work 3 days in row. Then got a check oil level warning.
I checked the oil and noticed it was about a litre down, strange, no great sign of any oil loss or oil burning off. I then checked my water level. Oh oh, not good, nothing but emulsified oil in sight. So I drained out the coolant and reckon 25% of the 15 litres or so I extracted is enulsified oil. At least I know where my oil has gone. :laugh:
So, a heat exchanger or cracked cylinder head. The heat exchanger is only a year old so someone has been this route before and dumped the car as a PX. I'm the lucky mug that then picked it up.
The car has been into the garage today , they've stripped out the engine and confirmed that CH 4-6 is fecked and has been allowing oil into coolant and most probably over pressuring the cam covers causing the AOS issues I started this thread about.
A big decision to strip out the engine, it's a very fine line between whether to scrap the car or repair it as the cost of the engine work will likely be about £2.5K using a second hand replacement head. Only the fact that I've invested so much time and money into making the rest of the car so good persuaded me to go ahead and repair.
Bloody Boxster!!! Can;t wait to get it back for what's left of the summer though!