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Why not fix what is wrong with it before you worry about what oil to use. You didn't say how old the engine was. First, I'd run a DRY the a WET compression test to check the rings. If that shows no problems and the ol pressure is good, I'd replace the valve stem seals. This can be done w/o removing the heads. I mentioned oil pressure because excessive loss of oil past the bearings can flood the cylinder walls to the point that even good rings can't control the oil and it will get into the combustion chamber. Good luck.
Ditto on finding the problem first. If it is a money issue, use straight 30 weight. If you plan on using it in cold climate (under 20 F) use a multi grade.
My dad has a 1988 F Super-Duty at work that has a 460 in it. It uses 1-2 quarts of oil PER DAY! We only drive about 50 kilometres MAX. I think ours drinks it more than yours does. We call the truck "Smokey!"
I had some lady talking to me at work..and her and her husband had to keep a DRUM of oil in the back of her chevy. It went through roughly a gallon an hour, AN HOUR. If they tried to drive anywhere more then a few minutes around, he'd have to periodically get out and transfer oil back in the engine. Sounds a bit excessive, but she was adamant. It'd be cheaper to rebuild an engine that bad! You'd HAVE to use Supertech oil with that thing lolol.