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This is interesting , a friend has a 72 360 that he's just rebuilt. It has no leaks , I crawled under and looked . It doesnt smoke , it has good compression on all cylinders. anti freeze doesnt have oil in it "tested it", doesnt have an auto , its a stick. vacume guage reads normal and steady , has good power. has a high volume oil pump that pumps good and has good oil preasure . pvc valve works, uses a quart of oil a week . dd he leave the valve seals out and now is sucking oil down the valve guides at high engine vacume , like when he down shifts?
seems he used a flex hone and chromoly rings , has good compression though, #110-#125 lbs all cylinders , I just drove it , couldnt make it smoke , but when i got back the exhaust had a oil smell to it. Is it possibly he didnt break it in right and now its going to take longer ?
bob the problem is right there "flex hone and chromoly rings" the rings will never seat with that finish. he should have used plain cast iron rings. chromoly is unneeded in a street engine.
The rings will eventually seat, but it will take a long long long time. Basically, he needs to drive it and keep oil in it until the rings seat. Plain cast rings seat real quick, chrome rings take almost forever and a day.
He needs to run regular conventional oil until the rings seat. He can help the rings seat by making a few full-throttle blasts, in high gear, from about 20 to 50mph. The idea being to build a lot of cylinder pressure to help the rings wear into the cylinders.