Don't know the miles, I've only had it for the last three years. I get smoke on starting, but not much while driving or acceleration. It seems to have plenty of power, but oil consumption is high. I found that the pan bolts were loose so I tightened them, not sure if that helped yet though. I use 10-30 weight should I go to higher weight oil? Can the oil pump go bad?
A long time ago I had a 67 cougar, almost new 302 and I do remember the oil light coming on occasionally at a stop, but not all the time.