I'm not sure what to do now... The R is blue smoking and been told it's piston rings.

PCV has been replaced, turbo has been checked and getting low compression so it's either rings or valve stem seals.

I've been quoted to replace rings which will also include recon head (Recon head will involve the following: Strip , clean and inspect. De Coke ports , valves and combustion chambers. New stem seals. Relap and leak test valves. Resemble and reface if required.) plus also block mod and replace cambelt (leave idler / tensioner) for approx £1400.00

Is that a good price?

My worry is they take the engine part and it could be something more serious $$$

I don't really want to sell the car as she been one of the best cars i've owened! But the car is now 14 years old with 114,000 miles on it. I probably won't even get alot for selling her even though these are becoming more rare every year.

The car is also on original shocks so it could be they need replacing soon but seem ok at the moment.

I'm getting an low oil light everyday now so this probably needs fixing asap even though i've been told it should be ok for a few months. The car is pefectly driving and boosting just now and again i get blue smoke, mostly in boost though or decelerate!