Yeah, I would get the codes sorted out, do basic maintenance like plugs wires, fluids if necessary and then have at it for modding, mileage on these blocks is just a number really. I took mine apart at 190k to port the heads and lim while doing LIM gaskets and sure enough I still had the crosshatching on the cylinder walls and all of the valves still rubbed dye off when checking for proper seating. No reason this shouldn't keep running 12's until the body rots out or I decide to inter-cool it and make it run 11's.
Look at DSluts he has 200k plus modded rust and all and it still doesn't want to die lol. Yes address the maintenance items first and of course the codes and modify it lightly and go from there.
Squirrels are my engine. I need a Ford Regal
04 Comp G.