Sandcaster,
Greetings! Grew up "next-door" to you, in Ellicott City, with Grandad's '54 Chevy 3/4 ton.
Also owned a '64 C-10, and presently drive a '72 C-10 w/ 250.
So, yes, the oil-pressure line goes to an 1/8" pipe tapping on the passenger side of the block, above the starter. Uses a 1/8" male NPT to 3/16" female flare adapter.
Wires; hmmmn.
If you have the shop manual, find which wire from the harness originally went to the "positive" terminal of the coil; that will most likely be the lead which connects to the HEI distributor (is the coil in the dist. cap?).
The starter wires are usually bundled together as a group of 2 to 4 wires, usually with ring terminals on the ends. I beleive the "starter" wire from the ignition switch is purple, and connects to the small terminal nearest the engine block on the solenoid.
If there is another small wire, that would run from the outer small solenoid terminal to the positive terminal of the coil. This bypasses the ignition resistor (when so equipped) to give a hotter spark when starting.
Go to Jim Carter or one of the other old truck suppliers and get yourself a re-print of the factory shop manual! It will be one of the best "$30.00" you'll ever spend on this vehicle!
Those "studs in the bag", are they threaded on one end only? if so, they are rocker arm studs, which probably "worked loose" and were replaced w/ oversize studs.(Goes along with the burnt valve)
This happened with my 250 when I had the head re-worked; however, my shop just pressed the original studs back in place, and told me about it. Now I have two valves that are beginning to get noisy, I guess because those studs are "working out" again :mad:
You're a brave guy driving a 35 year-old truck all the way back to MD from MO !
Did you have a "chase vehicle" or at least a tool box?
"Using more oil than gas" reminds me of my last long trip in the '54 Chevy- from Balto. to Wilkes-Barre,PA & back (400 miles) in one day, towing a 4,500 '64 Chrysler Newport on the return trip! 13 hours!
We stopped for gas once, but had to add a quart of oil every 50 miles!
But we got the job done! (that was when I was young (19) and... energetic!)
Welcome to the group!

We seem to be a pretty friendly bunch, and occaisionally helpful too!
A bit of unsolicited advice, for your well-being: if your new truck is an unrestored "gem", please go over your brake system carefully! They do not age well, and give little warning before failing.
Your truck still has a "single resevoir" system, which means that a leak anywhere in the system will cause total loss of brakes.
Parts are still available from local auto stores (suggested brands: Raybestos, Wagner, NAPA. PEP Boys carries Raybestos- convince the kid behind the counter to look in a parts BOOK; it ain't in the computer!)
You should plan on replacing the master & wheel cylinders, the flex-hoses & steel lines, and the shoes and hardware.
It may seem a little expensive at first, but is much cheaper than hospitals and looking for new sheetmetal after a crash.
(Sorry, this is my standard "sermon" for "newbies"; we want to keep our members around for a long time

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Good luck; anytime you're puzzled, just ask; there's a lot of wisdom available on this site!