I have not long bought a lance of the same age. Mine is on condition and I should be able to get another 400 - 500 hrs out of it.
I had it repainted $20k. Some engine monitors $5k.
It's got 4200 hrs. I paid $95k.
So after all that if I had to put a new motor in all up it will be around $170k. and I will have a really good plane.
If I get the 400 - 500 hrs extra that equates to free flying to me. I have already put 200 + on it. Uses 1 litre oil per 8 hrs. Compressions 74 to 76.
Put an engine monitor in it to keep an eye on the motor and don't let the cyl tmps go over 380 and you should get those extra hrs.
In your case if the plane is sound with reasonable avionics ( auto pilot, gps, etc.) and they all work with little corrosion, I wouldn't hesitate to buy it but expect to spend money over the next 5 years and if spent wisely will last a long time .
The plane is an excellent plane . I cruise at 150 kts doing 50 lts/hr all the time.
I travel from nth qld. to victoria about 6 times a year in it. (1010 nt mls.)
I take the 2 rear seats out and can carry all I can fit in including our lab.
As you can see I love my Lance.
If you need to contact me firstname.lastname@example.org