There is a limit. to the amount of blow-by we think is acceptable. Also, if the blow-by is addressed at the proper time, you usually can take an engine many more miles without what I call a Major, which means pulling the block and boring to the next oversize.
If the oil cap is placed on the oil fill hole, and it blows off, that is my 'Red Neck Check' for Too Much Blow-by. At that point, we usually see wear to the point the engine needs some serious attention.
If the oil cap wobbles violently, but stays in place, you have reached a decision point. If the cylinder head is removed and the pistons punch out, we ball hone to deglaze and refit with new rings, rod bearings and if needed, main bearings and reassemble. This is quite common with engines in the neighborhood of 300-400k.
On the other hand, if the goal is to drive it till it drops, then go another 100-150k and when it won't start, go find another car.
I can tell you from my own personal experience what I had to do. I suddenly noticed a fog of oil smoke, only in city traffic at 240,000 miles. I could drive 1000 miles and not use oil on the highway. So, I decided to see what was wrong.
When I pulled the pistons, #2 oil control ring had failed. So, following my own advice, I reringed. Two things I noted. The cylinders cleaned up with a 280 grit ball hone real fast and easy. And on reassembly, there was NO blow by. Power was up, but then, I did port the head, put in my Stage II cam and upped the injectors and tune. It's at the point where I'm tearing up my clutch and have to be careful with it until I get some free time... heh, like that's going to happen.