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 - A 1937 John Deere Unstuck - by Gary Hickman. Here is my story of how I got the pistons out of a 1937 JD B that the engine had been stuck for about 14 years: About 12 years ago my Dad gave me one of the tractors I ran as I was growing up on our farm in central Nebraska. The engine on this tractor, a 1937 John Deere "B", had been stuck for 2 years before he gave it to me. This last spring (1999) I hauled the tractor to our 2 acre lot in St. Libory Nebraska where it joined my antique machinery collection, at that time a 1929 Caterpillar T
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