'94 Prizm: blue smoke, using oil, running rough

I have a '94 Prizm with a 1.6 liter engine @ 217,000 miles. It very suddenly started running rough (as if on 3 cylinders), exhausting bluish-grey smoke from the tail pipe, and burning (not leaking) a lot of oil (1 quart every 100 miles or so). After a few days of that, the check engine light came on. A few mechanics said it sounded (from description) like it needed a ring job, which, when you consider the other things they usually do when they do a ring job, basically adds up to an overhaul and head mill, to the tune of $1200-$1500. I have replaced the starter, alternator, and cv joints using my Haynes manual, but is this potentially out of my league as a "backyard mechanic"?

Try a low mileage junk yard motor. You might consider getting another Prizm and using your present car as a parts car.