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only intelligent thing i can think to say is that according to a friend who used to build and race funny cars, oil can seal a leaky valve as well as bad rings.
i am not sure why it is smoking so much.
for starters i would adjust the valves.
does it have a diaphram fuel pump? mechanical?
i have a vague memory of leaking fuel pump diaphrams causing oil consumption, but that may have been on my 53 caddy which had a combination fuel and vacuum pump.
are you runninng clean gasoline?
tom w
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[SIGPIC] Diesel loving autocrossing grandpa Architect. 08 Dodge 3/4 ton with Cummins & six speed; I have had about 35 benzes. I have a 39 Studebaker Coupe Express pickup in which I have had installed a 617 turbo and a five speed manual.  [SIGPIC]
..I also have a 427 Cobra replica with an aluminum chassis.
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