It sure smokes alot for so few miles

["Gann, Jeff" <Jeff_Gann@domain.elided>]

The 345 in my 67 Travelette reportedly has only 67k on it (the original
owner swears that it's the correct mileage), but it sure smokes like it
needs rings.  I'm inclined to believe that the mileage is correct, as the
gas/brake/clutch pedals show almost no wear.  It runs strong, and the
compression on all cylinders is almost identical.  I at first thought that
the smoke was from the various oil leaks that I've yet to completely track
down and repair, but while watching the tailpipe while the motor revs, it's
definitely burning some oil.

All I've ever heard or read is that IH motors are built for the long haul.
But my tailpipe is telling me otherwise.  The original owner (and his son,
too) swear that the vehicle had timely oil changes and was always serviced
at an IH dealership.  Since the original owner is a retired IH ag dealer,
this makes sense.  Since I'm told that the truck was never driven hard (the
owner's son said that his dad's top speed was 45) and serviced regularly (I
was given plenty of documentation to back that claim up), I must assume that
they didn't break the engine in properly, and the rings never seated.

Is there anything else I can do, or do I just need to pull the engine and do
a ring job?  Heck, If a ring job is the solution, then I might as well
rebuild the whole thing (or upgrade to a 392).   Any comments or advice are
welcome.

Jeff (cough, gasp, choke)