22william. You have some decisions to make. If your finding bits of plastic in the oil/oil pan some part of the tensioning system is/has failed.
It all depends on what you want to do with this now "old" vehicle as its going to cost you big bucks to properly repair.
You just have to sit down with a paper and pencil and write down your options. Then make a decision on the direction you want to go.
This is IMHO so take it anyway you want.
1st... the engine is bad.... at the very, very least your going to have to find out which tensioning component is bad and repair it. At the very, very least this means pulling off the front part of the engine.... IF.... its part of the system on the front of the engine.... Its PROBABLY best to remove the engine from the vehicle so you can "more" easily get access to the tensioning system. If its the rear tensioning system (which drives the passenger side camshaft) its ALOT easier to work on the tensioning components with the engine removed.
SO.... if it was me I'ld pull the engine.
2nd... if you have the engine out IMHO its silly just to "fix" the one (may be more) items that have failed in the tensioning system.. Its going to cost more (time/money) to replace the entire camshaft drive tensioning system BUT with 200k on the engine you have to wonder what would be the next piece of the system to fail?
So.... if it was me I'ld plan on replacing ALL of the camshaft(s) drive tensioning system components INCLUDING..... ALL... the tensioners (maybe a internal one)
3rd..... you have 200k miles on the engine.....its 15 - 16 years old.... unless its been operated and MAINTAINED under EXCELLENT conditions you have to wonder if there is anything else of concern WITHIN the engine that should be looked at??????
If you havent already done so, I'ld do a compression check before pulling the engine. That might help you in your decision.......
What I'm leading up to is it worth while to O/H the engine???? For me, at this point, I'm pulling the engine...and reinstalling it to repair the tensioning system so the time/money issue is a wash. With the engine out you could pull the pan and look at the con rod and main bearings for wear which will probably be found OK. With the valve cover off (to repair the tensioning system) you will see how "gunked" up the valve train is. You could pull the plugs, maybe borescope the cylinder bores for damage. Again with 200k you might want to change the oil pump and screen.
Its all about what YOU plan on doing with this vehicle... AND.... what its going to cost in time and $$$$$$.
With a bad engine your not going to recoup what you payed for it if you sell it at this point.
BUT..... you might be just throwing good money after ........bad.
If the body, interior, transmission (another "problem area") and the other "systems" are in EXCELLENT condition (given the vehicles age) it might be worth while to YOU to put 3 to 5000 dollars into a vehicle that, if you take PROPER care of should last you another.....7 to 10 years... and thats NOT screwing around with lifts, big wheels, off roading, etc.
Beats a NEW CAR payment.......
BUT.... again with 200k on NOT just the engine but the engine accessories (alternator, starter, water pump, power steering pump, hoses, serp belt pulleys/tensioner, etc) you have to consider replacing those items, How about the driveshaft U-joints?
I could go on and on but you really have to sit down and put pencil and paper together and see where it leads.
You could find a USED low mileage engine..... yeah.... and change out the tensioners before installing it.... and HOPE...... that the tensioning system is... OK.
Best of luck to you......