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Update:
I looked at my plugs; they were good. Did a compression test on two cylinders; they were at 150 warm. I then contemplated the problem some more over ice cream.
Then, I put a valve in the feed line for the turbo, and turned the idle oil pressure down at the turbo to 5 PSI, and it was getting about 40 PSI at revs, which is about 1/2 the pressure my system has normally. It seems to have abated the smoking and oil use! It's a miracle! Evidently, the old Rajay doesn't like to see a high pressure large volume of oil; perhaps it was overwhelming the seals.
Pat
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Patrick E. Keefe
78 SC
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