Is it time to replace my 318?

[fastcorgigarage]

Ok I have a Ramcharger with a 318 in it and I noticed yesterday that when I fired it up and let it run for a bit that there was a lot of black oily chunks flying out of the exhaust. Does this sound like it is time to retire the current motor with well over 300,000 miles with a less abused motor?

 

[64 SRT8 Dart]

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!