Last year I built a .040 bored 350 for my 78 Chevy Truck. I took a 010 block and had it bored 40 over. I put speed pro hyperutetic pistons and moly rings in it. Everything was assembled properly and the cylinder walls had a nice cross hatch and everything was easily in tolerances. The crank was replaced with a balanced assembly with H beam rods, new bearings, new cam, cam bearings everything was new in this engine. Heads were gone through and posi-lock seals were used. Valve covers have baffels. New PCV valve. And the engine uses a quart of oil every 3 to 500 miles. Plugs do not foul, not even close. Exhaust is not "wet". Does not smoke,even between shifts. It runs like a scalded dog. Plenty of horsepower. What is the problem? Why am I not showing signs of EXCESSIVE oil burning? I have talked to all my gear head buddies (several who have built hundreds of engines)and it makes no sense to them any ideas? Thoughts? Suggestions? BTW the engine has around 5000 miles on it. Cold Oil PSI 80, warm PSI 50.  

do you have a breather filter on the other side valve cover than the pcv, if not install one.