You definitely need a good local mechanic to troubleshoot this truck.The first to look at is were there any recent repairs done?Is the maintenance kept up?Always use proper grade oil no matter the miles.Good oil filters also.Are there any oil leaks?An internal coolant leak in oil showing the color of chocolate milk is a quick indicator.How does the exhaust look-clear, white smoke or black smoke?Do you know what size engine-V6,V8 5.0L or V8 5.7L.There could be a common thread for these symptoms or they could be unrelated.The chance that you have a coolant leak causing friction and wear is high, and would recommend an overhaul. You may have a bad lifter and need a new oil pressure switch.Parts are cheap and usually in stock for the older GM parts.I have a 93 GMC Sierra Z71 and pushing 190,000 mile.Runs drives like new,keep up on maintenance but now its ready for valve seals.But for me to do any engine repairs i would sooner do an overhaul.
Do those checks i listed and ask friends/family of a good tech.We are just as important as a doctor or lawyer.Please let us know how you make out.