If the 216 only has 43K miles on it you likely don't need a major rebuild unless it was mistreated. Burning oil could be something as simple as valve seals or more severe like broken piston rings. Check the compression on all cylinders first and see how even they match to each cylinder. You may just need the cylinder head reconditioned. That price can vary between machine shops, but could be several hundred bucks, but way cheaper then a complete engine rebuild.
Last edited by DrewP; 12/21/2009 2:45 PM.