Unlikely, check the cables to the shift levers. Its not uncommon for a cable to rust out on the gearbox end.
At 160,000 miles, I'd guess that you need a head job to replace the valve stem seals. Very common problem on high milage Mitsubishis. Rings are probably OK, but there are also products that will disolve carbon build up round rings. Ask your garage.
Stewart DIBBS