Yes, the B2200 engine has clearance. I have a 1988 B2200, just re-did my timing belt last May, and then rings and cylinder head last October (smoking issue).
It's a non-interference engine, that's the correct term, meaning the valves will NOT hit the piston heads. Note though: you will find some lists that state that the B2200 is an interference engine, but they are incorrect.
Added: buy a decent-quality timing belt, such as Gates. While in there, make sure the water pump spins freely, and the tensioners. Do those if questionable.