New daily driver

Well guys i picked up a 91 dakota with a 318 auto. truck runs decent enough and body is super straight and solid. underside is nearly perfect. interior is actually really nice other then drooping head liner.

I GOT THE TRUCK FOR FREE!

here is the down side. it smokes. BAD!!! blue smoke from the tail pipes. it for sure burning oil and has very low oil pressure. engine has 178k on it and at idle i have about 8lbs of oil pressure. do you guys think i could throw a high volume oil pump in it and take the heads off and get em rebuilt or do you think the rings are shot. i dont have a comp. testing rig. but could prob go buy one. the truck sat for 5 yrs and i drove it for the first time this week. feels strong just smokes.

also was thinking about doing a 5.9 magnum swap. what are your guys thoughts.