Bruce - I have a similar problem. Have a 98 /Chevy Silverado with a 5.7L vortec, 250k on it and though still running decent, using too much oil. Can't afford a new rig. Not sure weather to rebuild or buy a new engine from GM. GM offers 100k/5yr warranty?
Mind me asking, was this a labor of love cost be da**d? Did you go with a short or long block or did you rebuild the original. Where did you buy your parts.