Wow, what a large amount of wonderful replies! Thanks everyone.
Something I probably should have specified is that this lens isn't being brought just for portraits but it will serve me as my go to portrait lens. It would likely be actually used less for portraits than everything else, I mentioned portrait lens as none of my other lenses serve incredibly well as portrait lenses. I definitely wouldn't shoot all the portraits in the lowest aperture, although certain situations I might try. I also do like the arty effects you can get with the 50mm 1.2, a large reason I am so drawn to it.
I do currently have a M42 mount 55mm f1.4 which I do love what it produces however when I got it was in really bad shape (fungus, few dents to body etc) which I fixed but it still has a really hard to turn focus ring which makes it quite a hassle to use. This is basically what I am upgrading from.
@focusing worries: I do have a split prism as the stock k5 one is terrible when it comes to manual and most of the people I take portrait I know so it doesn't matter about the time it takes to get the focus right, perhaps if this ever changes i'd probably just buy some nice af glass.. Oh that FA77...
I am still unsure on which focal range I prefer, I shall have a better look into this today and see if I can figure out if I fancy 50 or 85... It's a hard one though, I do feel like 85 can be quite restricting at times but certain situations I imagine the added length would be much preferred by me - I think the only way I can get around this is buying both.. Time to go buy a lotto ticket me thinks.
@Prices: I live in New Zealand, our prices don't make an ounce of sense in regards to lenses and availability is also poor so I can actually get a good condition 50mm 1.2 (K) for the same price as the samyang 85mm currently.
Thanks everyone, hope I have cleared a few things up.