bad intake gaskets can cause oil and coolant to mix
So . . . the answer is yes
At 250K on the clock AND ugly and a bit beat up I’m still pretty much on the “don’t bother” side of things.
But if you want to know about the headgasket you can a) run compression test; b) do a block test for exhaust gases in coolant. I think I’ve also seen mention of paper test strips though I’ve never seen them. A bad LIM will not affect compression nor allow exhaust gas into the cooling jackets.
However, the problem of knowing what kind of damage has been done on the bottom end from coolant in the oil remains.
Coolant mixed with oil does sometimes look a bit like a chocolate millkshake. It should look like gatorade (the flavor depends on what kind of coolant you use - mine looks like kiwi-lime).