I have a 1986 Camaro Iroc-Z with an Lg4. I went for an hour and a half highway drive and where i got to where i was going i found that the whole underneath of the car was covered in oil. I wipped everything down and filled it back up with oil and started it up. It ran pretty fine. Not to much worse than normal. It wasn't overheating. It wasn't idling rough. It was however dripping oil down the bellhousing on the passengers side. It was about one drip per second. Not to bad. Driveable. As i was cleaning up i found that my bumper was COVERED in oil!!!! Seriously, i wipped the bumper with my hand and my hand was black from oil. My 305 was spitting oil out the tail pipes. I drove it home anyway despite the troubles so far. Kept filling it with oil and checking it on the way. When i was cruising it drove fine. It did however make like "ticking" sounds. Almost like backfiring but slightly higher pitched and sounded like the headers were leaking. Not sure what it was. The car also smoked like all hell when i stepped on it. It would pour out white smoke everywhere. But only when i gave it gas. Cruising it was fine. A while back it had overheated, but i had no trouble with it afterwards. I figured nothing bad happened. Maybe i was wrong. Will someone please give me tips on what to do to save my LG4!?!?!? The car is a relatively good performer and i don't feel like blowing money on a 350 swap.

And i know i should just "let it die" and get a 350 so please no one waste my time with reminding me.

 

Let's focus on this one symptom. Are you sure about this?
There are only 2 things that can cause that much oil to come out of the exhaust.
1. Piston failure/burned piston/broken ring lands. (most likely)
2. Oil drainback holes in the head with the PCV valve blocked, allowing the valve cover to fill with oil and the pcv valve to pick up oil.
The second one will produce so much smoke constantly that the cars behind you will disappear.

Easiest way to check this is remove the oil filler cap and see if the valve cover is full of oil. If there is a 2 foot tall plume of white mist puffing out of the oil filler when the engine is reved up, then a piston has failed.

When one piston fails it drools oil into the exhaust pipe. When you romp down on it, the other cylinders heat the pipe enough to burn off the oil. You can remove the sparkplugs and if they all look fine except one that is covered in oil, that is verification.

 

ok i'll check the sparkplugs. And the tips of the exhuast have a tiny little puddle of oil in them. The back bumper had oil all over it. I wouldn't say it was spitting it out like a spray but it was definetely coming out. And i don't have a PCV.

Also what would the bad cylinders spark plug look like??? Will it be noticable?