If the 292 has been sitting for a while, the rings are likely stuck (yes they could be worn out as well) and the valve seals could be bad. If the rings are stuck, they may loosen with time and the oil use fall a lot. If the valve seals are bad you should get smoke on start up after a warmed up run. Valve seals are easy, so are cover gaskets. Putting a couple hundred more miles on the engine will free the rings if they are gonna come free, and slow the oil use. Change the high quality oil often enough to keep it clean during this running, like every couple hundred miles. All this is pretty easy and may show you that no more serious work is needed.
This I have never heard of, and it makes sense. To clarify, it isn't billowing smoke. Its like an old engine with some seafoam in the tank that smokes out of the exhaust. After 15-20 minutes the shop can get a little hazy. But, down almost 2 qts in 1.5 hours and maybe 40ish miles has me wondering.
http://67-72chevytrucks.com/vboard/showthread.php?t=420315 Down on post 8 of this explains another way to troubleshoot by removing the PCV and seeing if any smoke comes out of the valve cover. Ill test this on Saturday and then put her back on the road and run her somewhat hard while watching oil levels. I need to pull and check the plugs too for oil fouling. If I can get the 292 to run thru to the summer ill be happy. This puppy is suuuuuuucking fuel like a drunk sucks down booze too. I know the carb is a bit goobered, but phew, its extra thirsty.
I understand the hesitation and drawbacks of the DD. I fully intend on fabricating and going all out though. Haven't yet looked at rear end ratio's but am crunching numbers on either a 10 or 13 speed RR and possibly a brownie. Still figuring. Good call on the 4-53 though, I still need to take some measurements. The thought process of the DD is that this truck will roll around pretty heavily loaded most of the time and nothing beats a DD pegged out under load. Not the most powerful, but longevity wise it wins out. No need to monitor egt's like with a cummins or worry about the issues of the DT466 and CAT3208. I could drop in a 454 or 427, but the increased mileage of a diesel swap should offset operational fuel costs pretty quick.
