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My Mom's 92 has 127k and she just drove it from Knoxville, Tn to Fla and back. 28mpg and no problems. If its been maintained it should be ok. I saw a 95 Z28 with 278k miles on the stock drivetrain a while back. :eek:
Stock factory LT1 shortblocks can be had new for about $1500 anyways. The biggest worry on that car would be things like the waterpump and optispark.
You should get at least another 50k before a rebuild is totally necessary. But i would expect some oil burning, especially if it has been dogged.
Otherwise, id inspect the water pump and check to see if it misses at any rpm. Wheel bearings tend to go within 10-20k of 100, as do U-joints. Alternator will probably need replacing too.