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This car has two small holes in the engine block, right above the exhaust manifold. The back one spits out oil when it comes up to temp. Puffing white smoke out of the exhaust.
I can't imagine any scenario where this would be anything less than a huge problem. Maybe a piston ring chunked apart and flew out through the block, and it sounds like the head gasket is probably toast as well.
The spark plugs turn black in no time at all, so it looks like it's running rich. The car runs and idles ok, a little rough, but really not too bad.
Any last-minute ideas before I get rid of this thing and take a huge hit on it, financially?
It sounds like you might have damaged the waterjacket if white smoke is coming out. The spitting out oil means that you are losing oil and oil pressure. Without tearing it down you won't really know what happened. Put a fork in that motor, it's done.
Take the hit on it or put $3500 - $5000 into it and swap it to an Aristo.