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We're not that old, first thing to do would be confirm where the oil burning is coming from, if the motor has sat a long time, it may simply be dried out valve stem seals leaking oil from the top end of the motor into the combustion chamber. Replacing those may fix your oil burning issues. Otherwise it will be bottom end oil control rings. But it's worth a shot, since I had that issue years ago and replaced the seals and it was fine after.

If you are going to the trouble of rebuilding an engine, I would encourage looking at rebuilding an L28 if you can find one for a decent price. I did spot an L28 block (no head) for under $500 on facebook marketplace in VIC. I would also recommend speaking to Pearl Automotive Engineering in Montrose and go from there. A few of my mates have had their engines built (L28 to 3Litres), and the price was pretty reasonably from memory. Might be out of the budget, but I am sure they can do a standard rebuild for a good price. Then maybe even look at buying these triple webers from Lindsay if there is room in the budget: https://www.gumtree.com.au/web/listing/engine-engine-parts-transmission/1337873285