Bad News and worse news:
I topped the engine off with oil and exactly 150 miles later the light came on again..... I took it into 2 different shops and both said the same thing:
Bad leak coming from the timing cover, distributor and oil pan. Both shops quoted SEVENTEEN hours to do the job at between $2K-$2500.... They said the head has to come off and while im in there might as well do the head gasket/valve cover gaskets as well.
reeeeeallllyyy shoulda researched that oil leak worse when i bought the truck but it's all on me now. Thing is I dont want to dump $2500 into a truck I only paid a bit more for however i LOVE the damn thing.
So i guess instead of blowing $2500 on a 195K engine i'll blow some more money and go for a 4.7 motor/tranny swap.... Time to research this as it seems like it would be a good fit for this truck and a relatively easy bolt-in with minor fabrication(I hope, I could be wrong on this as well).
Oh well.... I still love the truck regardless but I cant keep throwing a quart of oil in it every 150 miles![]()
Leaky timing cover and oil pan, yet no spots on the driveway, at least from what you have told us....sounds fishy to me.
... At this point im already a good ways into my trip so I had to deal with it... 7 quarts of oil later I am home from my trip and pissed off. I looked under the thing and i see no pan seepage but definite wetness around the bottom of the engine. It's barely leaking a drop on the ground so its obviously spewing out under pressure? I cant imagine its using a quart every 30 miles as i'd HAVE to notice some blue smoke or something.... 
