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 seals 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.....
Since you just bought it with no history, I would recommend that you do two or three oil changes about a 1000 miles apart. If you have a automatic, then also change the ATF and filter. Do a drain and fill, do not flush. If the AYF is brown or otherwise very dark, other than a clear bright red, do two of them 1000 miles apart.
Do a coolant drain a fill also. Drain both the radiator and the block, do not flush and especially do not use a chemical flush. It is best to just drain and fill with either a 50/50 or a 2 parts antifreeze/1 part distilled water. Mix in a separate container and use either dexcool or one of the universal long life antifreezes. Any major brand, avoid bargain brands from dollar (type) stores.
The drain and fills will gently cleanse your engine and transmission and lessen the chances of any damage from drastic cleaning or chemicals.
2002 Silver Blue Special
$9995 with AC and shipping, new.