The smoke is likely from worn rings or stuck rings from sitting. That may improve with running if stuck, otherwise will be an annoyance, may tend to foul plugs.
But the low oil pressure could be a sign that it has been run out of oil (due to the oil consumption) in the past. Continuing to run it with low oil pressure could cause more damage.
As of now, since it is still running, you have a rebuildable engine. Continuing to run it, especially if it has or develops any bottom end knocks or rattles, or allowing it to run low on oil, could damage the engine to the point it would not be economically feasible to repair it.
As for magic additives, no. The only thing you might try would be heavier oil, straight 40 or 50 weight could buy some time, but that can be risky if you plan on using it in cold weather.
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Today's Featured Article - My Ford Golden Jubilee - by Troy Estes. This article is about my '53 Ford Jubilee and a story that starts with taking the tractor to my brother's Starter/Alternator Rebuilding shop for a wiring fix. The generator was shot as well as all the wiring. I dropped off the tractor expecting a transformation from a 6 volt to a 12 volt system utilizing the original generator housing, and a total rewiring of the whole tractor. The front end center pin bushing was worn also so I ask that they replace it if they had time. Well, that’s wha
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