It could be burning the lost oil in the combustion chamber. How much fuel did it burn in that same time? If you dumped two quarts of oil into that amount of fuel you probably would not see any change in the exhaust. How much blow by is there past the piston rings? If the PCV system is working, high blow by could all be pulled into the intake and burned with little smoke out the exhaust. Worn valve guides usually shows up as a puff of blue smoke at startup.
A leak down test could pinpoint the problem or reveal if all of the engine is worn.
The big question now is will you use a 50 year old truck enough in the future to justify an overhaul or a re-manufactured short block?
Dumb question: Would new valve seals over worn intake valve guides starve the valves guides of lubrication and accelerate guide wear even more?
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Today's Featured Article - Tractor Profile: Farmall M - by Staff. H so that mountable implements were interchaneable. The Farmall M was most popular with large-acreage row-crop farmers. It was powered by either a high-compression gas engine or a distillate version with lower compression. Options included the Lift-All hydraulic system, a belt pulley, PTO, rubber tires, starter, lights and a swinging drawbar. It could be ordered in the high-crop, wide-front or tricycle configurations. The high-crop version was called a Model MV.
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