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i go thru a quart of oil every hundred miles in my 78 bronco with has a 429....here's the symptoms: occasionally, i get a puff of smoke on startup, if i open the secondaries, it smokes like a freight train (mostly black smoke, though), and a friend said it was blowin blue smoke when i get on it without opening up the secs...BUT the vacuum indicates things aren't as bad as the 1 qt/100 miles sounds unless i'm mistaken...but the vacuum reads a solid 19" with slight half-inch fluctuations and responds properly when revved....now shouldn't it vibrate rapidly if the valve guides are bad???or have a large fluctuation if the rings are bad??
If it is running too rich, the gas will actually wash the oil off of the cylinder walls and burn it. When oil is burning with an overly rich mixture, the smoke may not always be blue.
I am sure you have alrady checked this, but here is a thought. While I am not experienced with the 385 series motor, I have worked on several Ford products from the same vintage with similar problems. In both cases the engines went through oil so fast that they would foul plugs and die in about 3 miles. It turned out in both cases that it was just the PVC valve!! Once they were changed out the oil burning went away and the plugs stayed nice and clean. This may not be your problem, but for about $2 it is well worth trying for your "truck".
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