Most likely, the valve guides are beyond worn out. Oil goes out the exhaust, but the exhaust isn't hot enough to burn it off, hence no smoke. The life of a 350 in that heavy of a truck is pretty short. Even the 366 and 427 were short lived in those trucks. My dad drove for a fleet that used gas C60 366 trucks in the 70's. He said if they got 60K out of the engine, it had lived a good life.
You just need to break down and just put an engine in that truck. With the non-foulers on the spark plugs, I'm surprised it has enough power to keep itself running, much less pull that truck. 350 long block is cheap as far as reman engines go.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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