Meaning of "a heady discussion"
I recently came across the phrase "a heady discussion". Does it mean it's an exciting or stimulating discussion or is the meaning more like "a heated discussion"? Thanks.

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It means a discussion of matters of great importance.  In this instance, heady would be defined as "having strong effect".

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I think your original interpretation is correct. Heady is more commonly used to refer to "exciting" and "fast-paced" events that happened many years ago, like "those heady days". Talking or acting in a big, excitable way without caution or fear. There is an online etymology dictionary for English on the internet, which gives lots of meanings and origins of words.