116k miles and blowing white smoke...

[FORGED]

Sooo I don't have much money for a Cobra right now. But I found an 01 vert with 116k miles on it for $5,500. It starts but billows out a cloud of white smoke. I'm assuming at least a bad head gasket. Maybe (probably) more. Would you guys say this is a good deal or mostly like beat up junk? I'd probably be building it up a bit anyway...forged pistons, cams... Basically I'm wondering if any other issues come to mind with such a high mileage car?
Not sure if teksid or WAP but I should find out I guess...

 

[z28forlife]

Blown headgasket for sure, maybe piston rings as well. If your planning on building it up anyway and the inside is in good condition I would jump on it.