My 78 460 is burning oil, smoking blue and has low oil pressure when hot. Could this be caused by bad valves in the head? I really dont wanna do a rebuild but if the heads are good then thats what it'll come down to!
Sounds more like just plain ol' tired engine syndrome. The main bearings are worn which is causing your low oil pressure, the valve seals are probably shot which along with blowby past the rings is causing the oil consumption and blue smoke. If you had burned valves than you'd have low compression in 1 or more cylinders but not necessarily low oil pressure or blue smoke.