It's possible to get that much life and more out of a 7M, but don't count on it happening without some significant work. I have a friend who is the third owner of a '90 MKIII. The original owner was a woman (not an old lady, from what he says) who had the vehicle serviced religiously for most of the 15 years or so that she had it INCLUDING 2 complete rebuilds... The head gasket was replaced once again by the second owner. Needless to say the engine runs very well at ~300,000 miles, but it took diligence on the part of everyone who has owned the car to keep it in the immaculate shape it is still in.
I would add to Mirage's suggestions getting a leak down test done.
I'm going to move this thread to the MKIII forum.
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