Is it possible to burn it but not see it? It does have a burning oil smell but no smoke. I’m assuming it would be blowing tons and tons of blue smoke if it was eating oil.
This is what the plugs look like:
I've shared this story before.
When my dad passed away I got his 79 Sierra Grande. He's had someone build him a good engine, but dad never revved an engine, he lugged them as he drove around drinking on back roads. When I got it I didn't know it consumed oil, as it wasn't noticeable. Engine ran strong, really good oil pressure, no fouled plugs, etc. It wasn't until my time taking up the mountain that I found out it leaked oil. On the way down, I would put it in 2nd gear and cruise down so I didn't burn up the brakes. Growing up, I heard enough stories of the happening on that road and cars being recovered from the bottoms of the canyons. I was not going to meet that fate.
Anyhow, getting further down, I looked in the driver's side mirror and saw smoke rings. The exhaust exited out the side on each side behind the wheels. Look in the passenger side mirror, smoke rings. WTH!...lol... Once off the switchbacks, 4th gear can be engaged and you can drive normal speeds. When I accelerated I left a trail of smoke like the Spy Hunter video game for easily a 1/4 mile!
After that I carried a case of straight 40w in the bed and kept an eye on the gauge. It ran at 60psi, but if it dropped to 40psi it needed a quart. Again, there was no hint oil burning from exhaust smell, no fouled plugs, the oil was getting past the valve guides. I ended up selling the engine for $100 and installed a fresh 350.