is it worth it
I would personally find a 94 or newer if it were me, no offense to the 93 guys but in my opinion the 93s with the batch fire and have to burn a chip PCM are just harder to mod with.
If thats your goal.
Just to put it in perspective I recently purchased a 94 Z28 with 138k on it for 4k.
nearly 3 years ago I paid $3000 cash for a '95 formula w/ 76k miles, cloth interior, hardtop (what I wanted anyway)
I'd keep looking. damn near 200k on a car is up there. even if the motor and tranny had been rebuilt at one point in time (I guarantee the tranny has if its an auto) all the other little things that never get replaced still have 200k on them (body squeeks, t-tops leaking, door pin bushings, etc)
As for the car your looking at, i'd say NO, definately. You will be able to find a lower mileage, newer LT1 for cheap in the future, just keep looking
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then get a geo or a cavalier and save the fast cars until your out of college....
a lt1 is deff not the most reliable car out there, and things that break usually cost alot....
i think i would rather drive a tuner than that rat trap
but i get what your saying. but when i get out of college i dont plan on getting another car and the way i am i hate paying for stuff i dont like i mean if you were in my situation could you actually tell me you would save to get a geo. 

