True enough. But odometer failure is usually pretty apparent and also easier to check for now days with GPS. Only thing you have to account for is if you have non stock tires and/or gears.
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Why? Most of the causes of massive oil consumption are due to valve stem seals. The bottom end on these are stout as heck. I think it was @scottryana that posted a pic of the 1FZFE rods compared to a Chevy motor that put out 800 HP. The Toyota unit was at least three times the size.You're much more optimistic than I am... A full rebuild or swap is in my future for sure!
Why do you suspect the rings?
Clean your throttle body, upper intake plenum (including the EGR tubes). I had the codes but I did that and immediately did much better in MPG.
How old is your catalytic converter? If it is partially clogged it will kill the fuel mileage. If its burning that much oil as in your statement in your first post, the cat is likely long dead. Oil through the cat it can clog the cat. The fix would be to find the source of burning oil, repair it, and replace the cat. If you just replace the cat without fixing the source of the burning oil, it will kill the new cat.
A sudden decrease in fuel economy is one of the signs of a clogged cat. Clogging can occur rapidly not necessarily slowly overtime when the catalyst melts down.
Timing will not change on an EFI motor unless there is some type of failure such as the bolt securing the distributor coming loose. In older (pre EFI) points type engines the timing would change as the dwell angle changed.