Hello TR

I got a 1988 Chevy S10 Pickup with 126k miles on it and the Rings are all fried up...its burning up oil like no tomorrow. I brought this truck for only $200 and put $400 into it...It has been running pretty well for a couple of months until now the rings are shot.

So my question is should i..........
-replace the rings (hopefully i can get some good hook ups)
or
-just get a new motor in (possibly a 350 or same one)

and fyi i would just get a loan but i have no good co-signers and im only 18 and just past my 6 month work period...which means i would not be able to get a new car


THANK YOU