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 - Product Review: Black Tire Paint - by Staff. I have been fortunate in that two of my tractors have had rear tires that were in great shape when I bought the tractor. My model "H" even had the old style fronts with plenty of tread. My "L" fronts were mismatched Sears Guardsman snow tires, which I promptly tossed. Well, although these tires were in good shape as far as tread was concerned, they looked real sad. All were flat, but new tubes fixed that. In addition to years and years of scuffing and fading, they had paint splattered on
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