95 Nissan 200sx (US version). What would be cheaper?

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Hi. I've got a 95 Nissan 200sx. base model with GA16DE engine and a 5 speed. It has 125,000 miles. Here's my problem.
At highway speed (75MPH or above) it uses a good amount of oil. I believe it's burning it internally, but there is oil pooled up on top of the valve cover around the plug wires. Also after running on the highway for a while it will blow black smoke out of the exhaust when you let off the gas.
Can someone tell me what the proboble cause is and some solutions? If it's more than a $500 job, I think I may just drop in another Ga16DE with less miles. Thanks.

posted by  lockdown16

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