Smoke out the zorst can be from many things besides worn rings.
I would take it to a mechanic for an inspection mate.
But to answer your questions
(A) I believe it just thickens the oil, you are probably better off just running thicker oil in the first place, much cheaper. But the best thing to do would be to get your engine fixed...
and as for the rings, I wouldnt be running my car with worn rings, didnt you just get a defect for the smoke? Plus its no good for your engine, compression and fuel economy. what are second hand 4age bare motors worth?? $300
And yeah 4age is a tough motor, however it is going on 20 years old... any motor has a life span and you asking whether to continue redlining it even tho it is smokin make me think it hasnt been an easy 20 years![]()
for its time its output per litre and its longevity were unheard of for "jap crap."
Get her fixed or swapped man thats my $0.02