Injectors will indeed be ticking away with that many miles on it.
If the previous owner(s) did not keep up with the oil consumption issue, indeed you may have excessive wear on the internals, including the lifters. Valve guides and valve guide seaks are no doubt gone (standard for an S car engine).
Not withstanding, the oil control rings are probably seized to the pistons in their channels; compression rings may also be worn....
I could go on......
Check the injectors.
If you have decent compression, get decent mileage, and it drives decently (not missing, stuttering, stalling), don't mess with it, unless you're willing to put out some $$ to "freshen up" the internals (rings, valve seals, and valve guide seals -- or to replace the head). Saturns are not the quietest engines ever built, and oil distruibution issues were not uncommon on the earlier versions of the S car engine.
For a 92 SL1 with 176k, I think your money could be better spent.....
Just my opinion