Tough to kill those 350's. I understand when they tested those motors, they'd run for an hour or two without any oil or coolant before they'd crap out. I have one in an 82 shaggin wagon, all original, lotsa miles. I'm sure the compression isn't that great as she's been blowing blue ever since I've had it but I've put about 70000 miles on it in 9 years. I drove it to Florida about 3 years ago and she burnt about 4 litres of oil from Toronto to Daytona. Probably only had a litre in there when we reached.
As far as I'm concerned, those things are tanks. I do think they run better with oil though