I am very dubious about your "no smoke" claim. Either it's NOT "burning" oil or it IS smoking.
Leaking a quart every couple hundred miles would definitely be visible anywhere the truck is parked, so I tend to believe the oil is going out the exhaust. Worn valve guides are a common problem for small-block Fords, and that would be the first thing to check. At highway speed, take your foot off the gas for a few seconds, then floor the accelerator as you look in your mirror. If the intake valve guides are worn, you'll see a cloud of blue smoke behind you.
Intake valve guides are simple enough to repair. If there's no automotive machine shop nearby, just exchange the heads for rebuilt ones. Of course, you should do a compression check first; if the engine has been repeatedly overheated the cylinders are likely scored.
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Today's Featured Article - Talk of the Town: Winterizin Engines - To Drain or Not to Drain? - by Staff. Another great discussion from the Tractor Talk Discussion Forum. The discussion started out with the following post: "Winter is fast approaching..for a gas tractor should the gas tank be drained and run the engine til the carb is dry or do the gas stabilizer products I've heard of work? (tractor will not be used til spring) any other tips for winterizing?? "
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