GM-GMC: Blue Smoke means repair or replace?, valve seals, combustion chamber

Question
Hi,
I have a '92 GMC suburban k1500 with the 5.7 liter motor and over 200,000 miles on it.  Recently it started blowing blue smoke out the exhaust.  Now I am aware that this is likely due to the rings letting oil into the combustion chamber.  But my question is this, I have just been assuming this meant I would have to replace the engine, however, recently I have read some posts from people that said their mechanics were able to fix this problem for way less than a new engine.  Is this a problem that can be serviced short of a rebuild or should I continue to plan on the new engine?

Thanks for your help,

Tom

Answer
Generally there is two places that oil enters the combustion chamber.  One is past the oil control rings which usually results in constant smoking or smoke during acceleration and the other is past the valve seals which usually only smokes for a short period of time after sitting for a while.  If oil is passing the oil control rings, commonly referred to as blow by, then you will likely require a rebuild.  If oil is entering the cylinder through the valve seals than it is possible to replace the seals without too much hassel.  You will need to locate the source of the leak prior to deciding what course of action to take.  Depending on the condition of the rest of the truck it may be worth putting a rebuild into, it may not, that is a question you will also need to ask yourself.
Hope this helps