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 - New Life for an Old Allis - by Tyler Woods. My friend Jon, has an old '39 Allis Chalmers B. He thought it a marginal tractor that had long since served its time. She smoked terribly and never had much power but he couldn't afford another so he was limping along with what he had. Jon's Allis has a small front loader and though it doesn't carry much, it serves his needs. It was the hard starting and low power that made him think it was time to replace the old girl. Jon called me to help him discover why his tractor wouldn't start
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