Some things to ponder - how long ago was the engine rebuilt - do you know? Can the guides be easily moved . . . or do they have many miles of carbon to sort of "cement" them in (exhausts in particular)? Also, what condition are the valves/seats actually in? Have you done a compression check before starting down this path . . . to know what you have and your associated options/plans as such?
Also, what type of valves are in it? Stock valves have a "shoulder" that stops against the guide top - so by moving the guides "up", you can raise the valve. However, if your valves are modern replacements (think Chevy 1.6"), then they don't have this shoulder and moving the guide won't help.
Another question is what type of lifters? If they're stock (non-adjustable), then your whole plan isn't going to work anyway. If they're adjustable, then you'll need to check the bottoms of them to see how much wear is involved - they should be flat at the least and potentially a bit convex (if really new). You can't do this without pulling the heads.
Another consideration is what valve lift did you have in the current cam versus the new one? If the lift is substantially more on the new one, then how much valve-to-head clearance will you have with the new cam? If it is a high performance cam - you need to know that you'll have the necessary clearance above the valves (such that they don't hit the heads).
Assuming Adjustable Lifters in Fine Shape: One idea is to see if Brian's approach will work for you . . . if it does . . . cool . . . if not, then you can go to the 'Plan B' - pulling the heads and all that jazz. You can then decide whether or not you want to tackle any/all of this with the engine in the car.
Used Lifters - New Cam: Nobody can know if this will work . . . or result in a fast wearing cam that goes flat. This is especially true if you don't know the condition of ALL the bottoms. Maybe 15 are good . . . and the 16th is quite worn and maybe it hasn't been rotating and has an ugly bottom on it. If so, there goes your new cam . . .
On my 32, I can pull the engine/trans in about 2 hours (including draining the radiator and removing it - along with front lights, etc). While this takes time (and the necessary tools), it allows me to much more easily work on the engine (as it is on a stand). Also, I can do things like check cam timing and all those things (as I don't use stock cams). If this is a stock cam to stock cam replacement situation, this is not as much of a concern - if it is a stock cam to performance cam situation, then I'm more concerned about all these things.
Best of luck!
B&S