If you have rod knocking and excessive oil consumption, it sounds like that old Mitsubishi design SOHC V6 is pretty tired. Twelve years with that car, you've at least managed to drive the original value out of it since they did not hold trade-in value well at all. That motor wasn't one of Mitsubishi's best efforts, and Hyundai's less than sterling QC as a licensed builder back then didn't help matters any. If you find it expedient to continue with that car and don't want to go to the expense of a rebuild, keep feeding it 20W-50 every 3000 miles and drive it conservatively. Make its final miles easy miles. You could wring another year or two out of it.
I'm not flaming, and I'm not anti-Hyundai - I had a 91 Sonata V6, too, and I just bought a 2003 Sonata V6 last December. The difference is like night and day! The Hyundai design 2.7 liter aluminum DOHC V6 motor is a sweetie-pie! The oil filters are still easy to get at, too...