I love that Walters plays with so much aggression, and he is always the first to stick up for his teammates. There was a game last year (I think) when someone was trying to rough up Fyfe and Walters, like a wrestling babyface, threw the heel in question clear out of the playing arena. So, I think you have to take the good with the bad. Kelly clearly said something that Son Son didn't like and he probably crossed the line in how he handled it.
Whether he gets suspended will depend on where the AFL has drawn the line this year. Previous incidents have either been a fine or a suspension, depending on how much the AFL is concerned with the 'look' of these sorts of punches in any given season. My view is that players don't really get hurt by these sorts of taps - Kelly ran away happy to have won the free - so a fine is more appropriate. But it did look like Walters hit him pretty hard.
As for the headbutt, there was nothing in it. It looked like Walters was leading with his head to try and win the free kick back, and made incidental, minor contact.