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You got records? You know its history? How used now?
You can do a compression test, leak down test, & oil analysis if you got the time, money & ability to understand the results then make a call.
When I killed my 5.8 at 166K I can/could see that there was plenty of material on the bearings, rings weren't worn out & countless other things that told me it could easily have lead a pampered life for another 100K or more.
What do you mean you killed it? First owner of mine treated it like a baby. Next one was my cousin and he beats the snot out of his vehicles because apparently money grows on trees. But I got it now and saved it from death I hope. I've had it since I was 14 and I'm 20 now. The only thing I haven't done under the hood is open up the engine. The cosmetics need work, all the typical places. But I'm thinking I'll just keep working on this one and when I find a one ton diesel I like I'll go for it but keep this as a project. Alot of people want to see it redone.