Engine Is Out, Now What?

Any idea of the mileage on this engine? For the age of it, you will likely need the valve seals replaced. That can easily cause oil consumption (mostly from the intake valves). Bearings could only be looked at it you tear the engine apart. If you go that far, you may as well replace them. Timing chain could be slack, again, hard to tell without looking. I have a 65 Belvedere 225 with just over 60,000 miles (original) and I assumed the timing chain and gear would need replacing but they were nice and tight, like new almost. But, if you are going to tear it down, you may as well replace things now. Just my 2 cents worth.