If you are burning oil and notice the stick actually going low, then check the ball studs in the head .. 127/129/130 [ 113] engines are famous for loose ball studs. The threads go down through to the intake runners in the head and one will suspect valve seals, but it can be studs loose. Thread dope solves the problem.....
But , if you are getting smoke and the dip does not show a decrease, than check a couple of other things. First , is it an auto trans??? if so, you can have a ruptured diaphragm in the trans modulator... does the tranny fluid go down ???? ....next,I noticed you have booster problem... well, I have seen brake master rear seals leak and fill the booster housing up with brake fluid, which then gets sucked into the intake and smokes out the exhaust, while, at the same time, ruins the booster and the line check valve. Do you have to add brake fluid often and never see a leak???
On the 130 engine , they have a crankcase oil feed to the FI pump that can also pump oil through a weak FI pump and burn out exhaust...the 230 /250s do not have this, they have their own oil res on the back of the pump ,which you should check periodically.
and finally, I see you have 40 lbs compression... is that a typo ?????