1. It needs a full timing kit - belt, pulley, tensioners, as well.
Those kits are $200-$300 in parts plus labor, roughly $500 total.
Don't want to throw $2,000 at headgaskets only to have the belt fail and bend valves...then the 4th head job will also need new valve$$$$$.
I edited the original post to make it clearer I've owned the car 15 years. The first repair was done 15 years & 100k miles ago, and the second about 5 years and 50k miles ago.
What brand head gaskets?
how badly was it overheated previously?
What would make a 3rd time a charm would be if but if it wasn't ever run significantly hot and aftermarket gaskets were used the first 2 times. i'd still be unlikely to choose this, but it would actually give some data, mechanical, statistically relevant sense to the issue.
1. Use Subaru gaskets
2. resurface the heads
3. clean the block face
4. lubricate the bolt threads to ensure proper torque values - this is an easily skipped step. the bolts creak and make noise when tigthening if you don't do this, that's not good.
EJ22 = $350 + $500 install and you're on the road for $850 with a more reliable, lower cost, easier to maintain engine.
You could do that twice and still be ahead of an EJ25 headgasket replacement cost of $2,000.
Toss in a set of deltacams (~$200) if performance has you worried. Not much of an improvement but they'll feel a little better.
These guys have a few 95's in Charlotte for $350: 1-800-289-5474
Conyers, GA 1-800-682-9257 $500 with only 141,000 miles.