It could be burning the lost oil in the combustion chamber. How much fuel did it burn in that same time? If you dumped two quarts of oil into that amount of fuel you probably would not see any change in the exhaust. How much blow by is there past the piston rings? If the PCV system is working, high blow by could all be pulled into the intake and burned with little smoke out the exhaust. Worn valve guides usually shows up as a puff of blue smoke at startup.
A leak down test could pinpoint the problem or reveal if all of the engine is worn.
The big question now is will you use a 50 year old truck enough in the future to justify an overhaul or a re-manufactured short block?
Dumb question: Would new valve seals over worn intake valve guides starve the valves guides of lubrication and accelerate guide wear even more?
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Today's Featured Article - Show Coverage: Journey to Ankeny - by Cindy Ladage. We left Illinois on the first day of July and headed north and west for Ankeny, Iowa. Minus two kids, we traveled light with only the youngest in tow. As long as a pool was at the end of our destination she was easy to please unlike the other two who have a multitude of requirements to travel with mom and dad. Amana Colonies served as a respite where we ate a family style lunch that sustained us with more food than could reasonably fit into our ample physiques. The show at Ankeny
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