Engine rebuild, perhaps?  At 200k miles, it's not worth trying to figure
out where the majority of the consumption is coming from, and you might
as well just swap the whole thing out.
--scott

Rebuild the engine, if the rest of the car is in good shape. But I have
to say, 199k is AWFULLY low mileage to be burning that much oil. Did it
get regular oil changes, was it ever overheated? I've got 3 cars over
200k miles that don't use anything like that much oil. Of course they're
not Mazdas, either :-)

By my 93 626 as a replacement!   : )

Currently has 0w30 synthetic oil in it and doesn't leak or burn a drop!

NOTE: use advice below at your own risk!    (standard disclaimer)

Hm...reminds me of the 89 S10 Blazer 4.3 V6 I used to have.  Bought
for almost $10K (dumb!!!),  120K miles, with leaky rings (excessive
crankcase pressure) and leaky valve seals .  I reconfigured PCV to
pull vacuum all the time ( no valve)...it idled around 1000, but ran
great to 220K until I sold it.   I used 20W50 or 15W40 oil, whichever
was cheapest.  Yes, it did smoke a bit on startup but never failed to
start!  

I certainly would NOT recommend fooling with the PCV system yourself,
especially if it's working....but you might consider using 15W40
oil..aka diesel oil.   It's designed for diesel trucks (big semi's),
is resistant to smoking and being burned up (vs 30 or 10w30), and has
extra anti-wear/scuff additives.   Your bearing and valve clearances
are certainly much greater than when new, so the extra viscosity
(thicker) won't hurt.  Also, it comes in 1 gallon bottles, so it's
fairly economical-especially when you find it on sale and buy several.
Buy your oil filters that way too.

I like the 3K oil changes...if the oil is getting really nasty  black
or really thin ( diluted with gas from leaky rings)  you may want to
change it even a bit sooner.  Got a kid in the neighborhood who's
always under his car?  buy the oil & filters and offer him $15-20
labor to change 'em for you if you don't already do it yourself. WAY
cheaper than an engine!

Don't  (really DON'T) spend your $$ on expensive upgrades or engine
rebuilds.   If you REALLY love the 626, save up the $$ you'd otherwise
spend on repairs...drive yours till it's totally dead...could be next
week or three years(?); then sell it to your local motorhead guy for
salvage value and buy a new-er one that's in a bit better shape... a
98 or even a nice 2000.

According to kbb.com, a '00 626 ES with 80K and a few goodies is a
$6000-7000 car if "excellent".  A "good" 98 ES @ 84K is $5000.

Don't make the mistake I once did and put a $2000 engine in a $2500
car...still kicking myself for that one.

Best of Luck...Don

Don Byrer KJ5KB
Radar Tech & Smilin' Commercial Pilot Guy
Glider & CFI wannabe
kj5kb-at-hotmail.com

"I have slipped the surly bonds of earth; now if I can just land without bending the gear..."
"Watch out for those doves...<smack-smack-smack-smack...>"

So you pay $4 a week for oil.  Compared to what it will cost to fix
that worn out engine you are better off to just keep putting oil in
it.  There are some products like CD-Engine Restore that claim they
will help with oil consumption.  I would try some of them and see if
they help.

   Many rational replies--but, please listen to Ashton Crusher!!!  I've
bought/sold 1000's of cars(was my livelihood) and Ashton's advice was what
I(while still in school) gave my dad on a car he'd bought from his neighbor.
It had spent its life, altho' low miles, going from home to office; then to
post office; then back home.  Short drives can ruin engines.  Nonetheless,
it gave my dad 4 years of troublefree service by adding gas when needed, AND
adding oil when needed.  Meanwhile, save your money into a car-replacement
fund.  HTH & good luck.  s

Wow. alot of good information has been posted. thanks to you folks. i forgot
to  say that this car has automatic transmission, 6 cyl, and smokes a little
when first started, but only then. ( passed CA smog test-after 2 oxygen
sensors replaced last summer). and i get relatively great gas mileage on my
commute (27 mpg)! i do love the car and find it hard to think of letting it
go. i've driven it across country twice by myself, and it's lived in very
cold back east weather for few years, and very hot so. cal. weather most of
it's years. does anyone else get sentimental about their vehicle like this?
thanks again for your comments.
wanda