If it is N reg, and ticking along nicely, stick it on condition.
There would be no 'sticking it on condition' because FAA maintenance regs do not make a distinction between engines on the basis of their time in service in relation to the manufacturers TBO recommendation. Private aircraft engines are operated on condition, under the same annual inspections, regardless of low or high engine TIS or calendar time.
What you do beyond the FAA annual inspection is your own business, and taking a closer look at an engine as it ages is considered a good idea by many owners. Oil leaks sometimes motivate people to take things apart too.