361 Woes

I`m amazed the car has run this long without a lot more issues. Did you clean the fuel tank before starting the car? I would have cleaned the fuel tank and sending unit screen, run some lacquer thinner through the fuel line ,change the fuel filter, and installed new gaskets/or rebuild the carburetor. You should replace all vacuum lines, belts, and hoses. The engine could probably use valve stem seals, they`re most likely hard and cracked and particles of them are probably in the pan now, getting pulled into the oil pick-up. I`d take a look at them if nothing else. A can of Rislone or a similar additive would help out with sticking rings. New plugs and points will also help.