geo metro diy engine rebuild

i have a geo metro 93 hatchback 5 speed man 1L 3cyl engine 204000km odometer with a bad oil comsumation of 1 quarts every 150 miles and i dont see much blue exhaust smoke from the tail pipe
i have twice in the pass rebuild farm tractor engine and i would like to do it myself on my car
but after i talked to what i beleive to be a quite good mechanic he told me that the failure on these 3 cyl engines are the exhaust valve witch have a bad habit to burns valve on high milage engines but on my suprized he said if i only change the bad valves and put on new piston rings my engine in no time ( within 10 to 100 miles) it would self destroy on the bottom end most likely pistons failure has he told me
now for my 4 ?
1) is it possible that a lean mixture by any probable cause shorten the engine usefull life of valve first then with new valve cause the piston to fry up ( if no correction has been taken to correct the above condition)
2) is it possible for a car engine to consume a lots of oil without emiting almost any bluesmoke ( this on puzzles me :0( )
3) has anyone here ever done sutch a repaire and had the same resulte as stated above
4) when these engine are worn out by high milages does the cylinder bore goes out of round
any reply appreciated
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Best deal is, since you have mechanical skills, pull the engine out, and buy a rebuilt. Transfer parts from old engine to new one. Best to replace water / fuel pump with rebuilts. Return your old engine for core credit.
This way, the setup and machine work are done for you. An " electric drill " rebuild is a waste of money.
Either have the engine re-machined, or forget it. Smart as you are, you can't look at a bore, and say it's good, or a crankshaft is straight by lining it up with a yardstick.
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Im not trying to be a smart ass here but ........... The engine is way past its servicable life. I suck at math but I do know that 204k Km is way over 100k miles. Thats a lot for that little 3 cylinder. If you want to get the job done right then your looking at approx $300 for the head, $125 to get the crank set right, $50-100 for the rings and pistons, approx $100 for the gasket set. Plus about 50% more for the stuff that I missed. Its not worth it. You will spend about $700 on a car that is only worth 1500 (new engine or not its still only worth 1500.) Sorry to be the messenger with the bad news. I am only telling you this because I did about the same thing, only when I did it I just bought the car for 500 and then put another 1200 into the engine, guess what, my car (91 Grand Am) is only valued at 1800. Save your self the bloody knuckles and just go buy a used engine and install it. Or get the forsale sign out and get rid of it. Sorry to burst your bubble, Just my 2 cents worth

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