I bought a 71 chevelle that has a casting #330817 (400sb) w/ 3978487X heads (350sb) the car started making a knocking noise an quickly went away as i was coming to a stop sign an ive been having a valve ticking noise on the drivers side head plus the drivers side tail pipe is wet oil an the right is dry . An it consumes some oil too so what needs to be done ?? Car was sitting a year before i bought it an the reason it sat because the ladys husband died left his homemade kill switch on an i found it an got it running.  

Sell me the car,....lol.  Kidding. I'm by no means a master tech, but it sounds like ,to me, either rings or bad valve seals. I may be off, but it won't hurt to check it out. If it were rings though it would likely burn the oil making it smoke. But if it's wet at the tail  pipe, just for giggles check the valve seals.  

I agree, usually oil that has made it's way through all of that piping has come from somewhere where the source is plantifull, namely, your heads. Check the valve seals first...really important where the Chevelle is concerned. Actually, you say you have a noisy valve ? Pull the heads, get some work done in there and put new components in there, you;d be surprised at the difference a few new(er) parts will make. It doesn't smoke on ignition ? Surprised, lol....
Good Luck !