long post, sorry, but I really need help 
To start off, I have roughly 164K miles on a completly stock engine in my 89 GT. The last four months when it is cold and the RPM's go over 4000, I get smoke out the exaust, and when going up hills or putting a load on the engine, there is a rattle.
I have let it set for the last two months, only letting it warm up twice a week. Well now it wont idle and just studers, untill it dies, and there are droplets of oil comming out of the exaust tips
on the drivers side (No H pipe, just a pipe on each side connecting the header to the muffler) So I pulled my plugs, and they are covered in oil. If I hold the RPM's at 1000 or higher, it will run, but still has blows blue smoke over 4000 RPM.
Would massive amounts of oil be causing it to studer? I was wondering if I could hone the cylinders, and put in new rings, if it would last 1000 miles or less... untill I have the money next year to do a real rebuild?

To start off, I have roughly 164K miles on a completly stock engine in my 89 GT. The last four months when it is cold and the RPM's go over 4000, I get smoke out the exaust, and when going up hills or putting a load on the engine, there is a rattle.
I have let it set for the last two months, only letting it warm up twice a week. Well now it wont idle and just studers, untill it dies, and there are droplets of oil comming out of the exaust tips
on the drivers side (No H pipe, just a pipe on each side connecting the header to the muffler) So I pulled my plugs, and they are covered in oil. If I hold the RPM's at 1000 or higher, it will run, but still has blows blue smoke over 4000 RPM.Would massive amounts of oil be causing it to studer? I was wondering if I could hone the cylinders, and put in new rings, if it would last 1000 miles or less... untill I have the money next year to do a real rebuild?