Well we figured out what was wrong with the smoking of my engine. It actually ended up having nothing to do with the guides or valve seals. We installed some chrome valve covers christmas break, and apparently the baffle system on the new valve covers weren't effective and oil was being squirted straight into the cylinders. Or something. All I know is swapping the valve covers eliminated all smoking.
However, the pinging remains. We got the carb calibration kit for my edelbrock and planned to tune and time it tomorrow. We'll see how that goes. One question on that... some people recommended I try to loosen/unscrew the allen screw that is in the hole where the hose meets the vacuum advance. I tried, and although I did feel a screw, it seemed to be tough to get it to engage witht he allen wrench and was really loose... any ideas about that?
However, the pinging remains. We got the carb calibration kit for my edelbrock and planned to tune and time it tomorrow. We'll see how that goes. One question on that... some people recommended I try to loosen/unscrew the allen screw that is in the hole where the hose meets the vacuum advance. I tried, and although I did feel a screw, it seemed to be tough to get it to engage witht he allen wrench and was really loose... any ideas about that?
So it was as I suggested, the PCV system was sucking it up. Had the same problem in my V8 Ranger. No valve cover baffles, so the oil splashing from the rockers would be sucked directly into the PCV valve.
Never noticed that the oil consumption was exccessive just driving it around town, in day to day 10-15 miles at a time driving. 
