Please help me diagnose this 273

Where do we start? The carb needs to be proper and working correctly before it can be adjusted properly. The distributor probably needs points, condenser, rotor, cap, wires. The valves probably need adjusting. A new set of plugs is in order. The oil burning could be something as simple as valve seals or as complicated as worn rings and the engine needing a complete overhaul. Start there then report back with your findings. Don't overlook the obvious!