smoking 360
Nice car, yeah Ferris wasn't so kind to me either. Had a great time at school thou!
What happens is the intake ports suck the oil in the ports and the hot engine burns the oil. I use a valley tray over the camshaft to limit the oil getting throw up to the intake along with Fel-Pro print-o-seal intake gasket with a steel core. It is made only for big 340-360 ports. Still with care the normal Fel-Pro's work good but they will split if torque too much.
Its only a guess but it happens, sometimes the intake doesn't seal to the head, the top does but there is a slight gap on the bottom, in those cases the intake needs to be milled. Intakes can even crack but that is rare. You need to lay the intake loose no bolts and look/check with a feeler gauge at the front of the intake ports. Sometimes the intake ends hits the block and won't go down far enough. Why RTV should be used and not those cork seals that come with the intake gaskets.
Here is my 340 before rebuilt, it runs great but I been getting 8 mpg, LOL. My 3.91 gears would not enjoy a 200+ mile freeway ride/ make that my gas card, the motor loves 4,000 rpm's on the freeways.
You know as soon as the intake is off, the ports will have oil inside and the gasket might be ripped. Edit, oh you do have the big port 360, well here is my favorite gasket but its not cheap--can be re-used at last for many years.
http://www.summitracing.com/parts/FPP-1213S-3/