Just a quick update.
Given that the oil consumption remained higher than desired and I have observed some occasional smoking exhaust I decided to try the BonAmi treatment.
I drippled a few tablespoons of BonAmi mixed into diesel fuel into the carburetor while running the engine at a few thousand rpms. Then I ran another break-in sequence of WOT accelerations in 4th gear with coast downs in between. Then I changed the oil and oil filter to a conventional 30W oil.
I'm not sure how many miles I will get on the truck before the snow flies but hopefully enough to know if I need to pull the engine over the winter.