The overwhelming response on the internet is to forget about it. It is common in Chevy V8's.
This forum is also the internet and has many experienced motormen. You asked and got good info.
It is hard to decide on a problem with a risk factor like this.
Let us know if the spark test shows anything. I am sticking with exhaust noise, because it's cheaper.
Warm it up before driving. I had a 56 Chevy 210 with a 265 when I was a teen. It smoked like crazy, used 90wt gear oil in the crankcase. Still smoked. Don't think oil will fix yours either.

Right is right, even if everyone is against it, and wrong is wrong, even if everyone is for it. - William Penn