what is the better option?

im gonna run a compression check on the 71 in a few days. it runs great but uses alot of oil. smokes when it sits a while at start up and after long decceleration and gas in it it puffs pretty good but is clear all other times. oil pressure hot at 550 rpms is around 15 up in the 30s on the rd. if the comp is decent ill get a cheap cam kit with lifters from summit install valve stem seals and a timing chain and run it. does the oil pressure seem to low to anyone?