[jpnovak]

At 200K+ miles you will likely have significant wear on the layshaft bearings as well as rod bearings. Main bearing condition will depend on how hard the car was driven but will likely look pretty good.

The problem is the worn rod bearings. You run the risk of a spun #2 or 5 rod bearing if your oil pressure is dropping a measurable amount. These receive the least amount of oil and will have the largest wear and clearance now.

Additionally the valve guides have probably out lived their life. Your exhaust ports look relatively clean and do not show signs of oil blow by.

Has the engine been rebuilt before? If original I would be inclined to take it apart for a refresh. Doing so now would reduce the amount of parts that need full replacement. Yes, its money out of pocket but cheaper than letting it go until something fails.