Ok no more cleaners in the oil. I've been running 10/40, maybe I'll change to 15/40 or 20/50, it is summer in MO after all. The engine restore seems like something to try,(if you're into fixing 55 yr old trucks, what's a couple of dollars on fix in a can)
I will do the valve adjustment cause I don't like to leave something unfinished. The truck runs great and I'm using it as my daily driver(I'm been putting off the trans locked in park in my daughters 85 Volvo) it's only 5 miles to work, so I can make this work for a while. I'm still puzzled why the spark plugs aren't fouled with oil The dwell is 33, timing is on the mark with the vac advance disconnected, new cap, rotor, wire, condensor etc. The truck did run hot before the smoking happened, new w/p, radiater, thermosta, hose's, flush etc. thanks for all th replies.
Dave