If it was driven with low oil, your biggest worry would be scoring of your cylinder walls, possible bearing failure, etc. The mileage isn't really a big deal, since there are more than a couple 3rd generation camry's with over 250k and even over 300k miles.
The biggest question though, how long are you going to be driving this car? If you intend on driving it into the ground, this is a worthwhile investment. But, if you plan on sellng it in 2 years, maybe just do what you can to ensure that it will last that long.
My two cents.