115k miles is middle-aged, but it probably isn’t old. As others have said, modern engines tend to last much longer than other parts of a car.
“short block” = engine block, crankshaft, rods/pistons/pins/rings, bearings, camshaft/timing set (if pushrod engine)
“long block” = short block + assembled cylinder heads. no brackets, covers, oil pan, etc.
Probably not. I did this before in my younger and dumber years. You’re really not saving any money, just because your labor is free, you’re going to need to buy a hell of a lot of tools and equipment, and even then, you’d still come up short of what a good machine shop would have, so still would have to spend plenty by contracting a lot of it out. And doing it yourself, you just don’t get the tolerances you should be getting when others in a properly equipped machine shop could.
You might consider buying from some reputable engine builder that can rebuild to original manufacturers specs. Those could probably go the distance. Crate seems to have a good reputation, there are others I’d consider, but honestly haven’t done that much serious research into any of them.
Generally when you’ve went the full life on a car’s engine, the transmission, rear-end, front-end, are probably not too far behind either in needing replacement either if it hasn’t already been replaced.
Still applies. Couple years ago I secured a Japanese Domestic Market motor for my ailing '87 MR2. Nice 50% bump in power for basically the same cost as a total rebuild of the OEM engine. Of course…all you know is it’s the correct engine. You have no idea what kind of care it received, if any. So a lot of folks rebuild them anyway.
Springs go boing boing and send parts all over the garage. Seriously, if you’re good at it and have the right tools it can be a challenging but fun experience. But there is still the matter of giving it a nice hot salt bath, some resurfacing, and verification of various tolerances on the head itself as well as the cam that a dedicated mechanic is just better at than most folks. For the assurance alone it’s totally worth the $390 your quote provides. Reassembling the block is much harder to muff up and better suited to DIY (but still–knock out the freeze plugs and get the block dipped and at least measured out as well).