High Mileage 93 Cobra Help

[Bizzerker]

Hey all. I just signed up today, so I hope no one minds me getting some of these questions out and off my chest.

I've got a 93 Cobra with 185,000 miles. I know, I know, that's quite a few...but what fun is leaving a car to sit and gather dust. Besides, I'm not what you would call "loaded." With that in mind, I've been facing the fact that I may be replacing/rebuilding the engine soon. I've never done anything internally to the motor, but I can perform an engine swap if needed.

My problem is that I think I'm burning oil. The reason I "think" that is that I can smell it while I'm driving. I have a small oil leak somewhere around the front oil pan seal, but I don't think that is the source of the burnt oil smell. I'm getting tired of constantly checking my oil guage only to see it (most of the time) on the very last hash mark above Zero I haven't had any (noticeable) problems with the coolant system, so I don't think I've got bad heads/head gaskets.

I originally thought I may have some oil buildup on the valves because I would only see a small plume of smoke exit the exhaust after idleing, then reving a little.

So, I'd like to know...
1) Is there anything I can do to prolong the life of the engine?
2) Would it be better to rebuild now, or when/if it breaks down for good?
3) Would it be better to get a new crate motor? If so, where's a good place to get one and what's a decent price?

If your thoughts are anything like my friends' (and in my dreams), then you're probably thinking..."Get a new, high end motor." Unfortunately, my goal is to retain driveability, endurance (more than performance), and if possible, retain as much of the "originality" of the car as possible.

One last question (sorry for the marathon)...Has anyone had a drivers seat repaired? Mine is distorted (from pushing against the back, trying to get my wallet out...that sort of thing). Did you remove the apholstery? Did you have it welded, then re-covered?

Thanks for your help! It's been a long time since I've talked to anyone about mustangs, and in the past, it was all performance, not maintenance