Hi, Alastair!
Yes, on top is the older shape combustion chamber (pre 1984). From 1984 to 2000 all the 126 are with this one. The 650E came in 1983 (E means economy), that differs from the older types by the head, 8,0:1 vs 7,5:1 compression ratio, other camshaft, different jetting, exhaust and wasted spark ignition. All the FL (face-lift) models 1985-1994 have this engine. The EL model 1994-2000 is the same, except the nanoplex ignition, jetting and exhaust. The ELX model with cat system is the same, except the exhaust and jetting. After 1991 all the 126 valve seats are ok with the unleaded fuel. (The info must be about correct.)
About the carb, for sure the twin ones are one of the best options. I'm not convinced if they are pretty worth over a single port head (not talkin abouth the wow-effect), but for Panda can't be better. I've prepared a Dellorto for mine, but the needed tools, parts and jets to run it myself are more than 300 pounds from
http://www.dellorto.co.uk/. For starting point I'll use the jettings of some Alfa Romeo 1300 models. Other problem is that very few people are into the twin carbs, so you will have to learn as much as possible, get the tools and try to jet and adjust the carb. Would be easier if you have bug maniacs around, some of them are playing for decades with it.
The twin carbs give about 10% more power on an engin with progressive carb. The progressive one (like the ones in Panda 30, Bis, Cinquecento 700) is good enough for the 126 if you are not after the max power. If you get the Panda head, you can use the original manifold and carb. Only the manifold must be machined a bit, cos in Panda the engine is declined.
If you use Panda head/manifold/carb and the pre 650E standard camshaft adjusted with 5* from the big timing chain wheel, you will have a Panda 30 engine in your 126, that means 30hp at 5500rpm or at 120km/h

Greetings! To Japan as well!

Deyan