An S14 engine with 200k on it would be the least of my worries. S14s are fairly bulletproof motors. They have their Achilles heel like every other motor, but given the high revs and vibration, they are pretty durable.
All the suspension rubber will be well worn out by now, and then all the other nickle and dime stuff that just plain wears out after 18 years. But then again, we know that with our 02s!

I've got 240k on my car now, and even though the compression is low, the thing still pulls strong. In the process of rebuilding all the suspension and resealing all the body leaks and cracks in the subframes. I'll put it back on the road so I can rotate the 02 back in to wrench on, and then take the M3 off to rebuild the motor in another 20 or 30k or so.