Just got myself a P38 4.6l (1996)....my main problem is the big fear of having head gasket failure... What can I do to minimise this?... I'm thinking of replacing the radiator and associated hoses hoping this will keep it cool.... Also thinking of using a chemical gasket sealer like "SteelSeal" as a precaution... any feedback appreciated.

Cheers

Like most old engines gasket failure will occur at some point. Mine started blowing @ 118k
Dont panic what isnt there. Rover k engines all fail @60k. ITs just one of those things.
If you dont like spanners and you dont have a wad then the rangie isnt for you

replacing the rad is a good idea as the clog up and it will over heat, changing coolant fluid is also a worth while job but as for head gasket i would leave it till it shows signs that it going mate

Rad change is advisable at that age, there are recommendations that they're replaced every 100k or so, due to clogging issues, and it certainly won't do any harm. It's also worth picking up a brass drain plug to replace the original plastic one in your new rad, as they're very weak and the heads sheer off em quite easily, which as they're hollow leads to unsheduled draining of your coolant

If you're feeling like stripping things down to check and reduce risk of overheating the water pump would be worth a look too, some have plastic impellors which deteriorate with age/heat etc and eventually disintergrate, leading to brewing up as well as rogue bits of plastic floating round your cooling system, possibly blocking water ways. (When mine went I spent ages reconstrucing the blades to make sure I had got all the bits out!) Most factors should be able to find you one with metal blades for peace of mind.

Of course all this will limit the risk of an overheat leading to HGF, but won't eliminate it.
Good luck with your mission, should you choose to accept it:boom:

Addendum: Note due to rad clogging issues it's unlikely anyone will advocate use of any sealing product as it will add to the potential problems.