1) add oil treatment for minor oil leaking into combustion chamber (your car smokes blue when being started or accelerated). people around here apply PRO (a brand name).
2) replace with a low mileage after-market engine if your car puffs up all the time and upset your neighbors. the replacement should not cost you more than US$600.
3) engine overhaul. i believe it is impractical. you need to pay the mechanic for over a thousand US $s.