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Replacing rings for 4g15, will it help!? Or not worth at all!?
Has anybody tried it out? I hate that blue smoke and constant lack of oil...

New rings will help against that blue smoke, if the valve stems are still intact. However, I'd also worry about the bearings.

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Got rabies?

Okay here comes my two cents......

You have to pull out the motor, clean everything on the motor and mark your parts like rod caps and main caps before separating them, if you don't have a proper reference (factory manual, etc.).

I just went through this whole setup right now and I'm into my folks for $700 plus what I spent before my employer went bankrupt (another story ) The pistons have to be checked, the bores needs to be within limit so you only have to break the glaze to seat new rings, the rings have to be something of quality if the other specs are good so they last long enough without trouble.

I don't want to discourage you as I never want see the blue dragon wagon coming down the street (Everyone deserves a fresh breathe of air)

The morale of the story is that I had 112,000 Km's on the odometer, engine had never been opened until I did the head gasket as a precaution and followig that she smoked enough oil through the exhasut that I could burn the crankcase capacity in 1000 km's if I didn't check it. Not good.
I am installing Speed Pro rings tomorrow and fresh bearings for the crank and rods, all other gaskets are Fel-Pro and every bolt will get loctite or teflon as the case may be.

Give this a shot if you have the know how, let a shop do it if you gots a big wallet, or find another car with a non smoking engine and drop that motor in.

Keep us posted,
Tim

P.S. The longer the motor smokes the worse you performance and emission components will get, oh and you might get the pistons compressing the carbon on their tops with the cylinder head causing knock, something to think about.