Very sick 1992 SL2 Saturn, need help please!

1992 SATURN
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R3V3R3ND
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So I have a 1992 4 door SL2, DOHC, 150K miles. The problem I am having is quite bizzare, and if I can't fix it I am considering junking the car.

Recently, my car developed a problem where it is smoking a lot, but it smells like gas is burning and not oil. My MPG has dropped from 30 to 10-15. When the car starts right up, it runs okay, but the check engine light comes on and it idle's high.
After I turn the car back on, it takes 4 or 5 times for the car to start, and I need to hold the gas pedal down for it to start at all. Then, the car releases a large cloud of smoke, and to drive the car without stalling, I must half press the gas (too much stalls it) and the rpm's decrease for a little bit, then increase. To get the car going from a stop, I have to rev up to over 3000-3500 rpm to not stall the car.
Also, the car violently will jerk at times while driving down the street, in any gear, intermittently.
A mechanic looked at the car a few months ago (before the problem was worse) and cleaned the throttle body, cleared some bad codes from the computer, but told me that the car was starting to lose some compression.
What can I do to fix the car? Or should I start looking for a used engine or a used car completely?
One issue I have is, I only have maximum of 1500$ to spend on a used car if I buy one, which will most likely require work done to it.
(Labor cost is not an issue on installing parts/engine)

Thanks for any help that anyone can give!!

Mike
Jun 3, 2006 at 7:43 PM
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PEPPERMRJ
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Did you check for a leaking fuel injector?
Jun 5, 2006 at 3:58 PM
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REEGS37
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It is the tempeture control switch, should cost around $ 27.00 and it is easy to install, it happened to my wife's 98 Saturn,good luck.
Jun 23, 2006 at 10:24 AM
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SERVICE WRITER
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These were common for coolant temp sensors cracking or just plain going bad. Various runnability problems with this one.
Jul 24, 2006 at 9:30 PM