Get a micrometer and measure it all up. Better to know for sure rather than throw a whole lot of cash at a motor that is essentially worn to the point it needs a full rebuild.
As a general rule of thumb, if there are wear marks you can feel when you run your fingernail across them, then it'll need to be machined.
Engine has done 240000 kms hard work on shitty oil so expect (and plan) for the worst. If it was smoking despite having done valve stem seals, then rings and/or bore are worn.
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