Is it time to replace my 318?

My 273 in the Valiant does the same thing. The motor is so worn there is actually oil in the exhaust tips!!! Can wipe it out with your finger, lol, no joke! My friends laugh and can't believe the thing still runs, lol.
They tell me I should put a resevoir in the trunk and filter the oil from the exhaust back into the motor, it's that bad,, LOL!