I've seen the internals of a lot of high mileage L31's and have been impressed by how well these things look even after a lot of miles. I'd pull all the main caps and check bearings, same with rods. Most are in great shape even at 150K, but they need to be looked at. Stock pistons and rings should be fine. Add a bigger cam and set of lifters, take a few minutess to clean up the bowls and short turns on the heads and back-cut the valves before replacing springs. Upgrade the injectors. In most cases, these will make 400K+ without too much trouble.
Many LS engines can't be overbored by more than .010. What GM learned from low tension rings, better metallurgy and fuel injection from the L31 and prior TBI engines was applied when designing the LS engines. No reason to have cylinder sleeves that can be overbored by .100 if there's no chance it'll ever be needed except for catastrophic failure. Overhaul at 400K? Hone it .0-10 over, slap it back together and send it. Most L31's outlasted their trucks, same as LS engines do now.
I have a few S10's in my stack lot, all 98 & up. Everything with a V6 will get an L31 or stroker version of it. Everything with a 4 banger will get an LS. I don't see any reason to mess with a 5.3 when a 6.2 is soooo much more engine and has soooo much more potential. Shame they're so dang tough to find but I do come across one from time to time.
I've bought a few good L31's complete, $400 - $750 under 100K miles.