I talked to my friend Hans today, and he said get the valve guide seals replaced. Takes about 8 hrs, so it won't be cheap, but should drop the oil consumption rate to negligible (ie, none added between changes).

Peter

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1972 220D ?? miles
1988 300E 200,012
1987 300D Turbo killed 9/25/07, 275,000 miles
1985 Volvo 740 GLE Turobodiesel 218,000
1972 280 SE 4.5 165, 000 - It runs!