Just a thought: if you can get a good 3.4L (or 3.1L or 2.8L) from the junkyard for <$500, you have 1) solved your immediate problem (oil consumption, smoking) and 2) got some experience swapping engines for when you can afford the 3.4HT.

If the truck is your daily driver, you might still consider trying to find a complete head (in good condition) at a junkyard.

Or, just switch to 20W50 and Motor Honey. <img src="/forums/images/graemlins/zombie.gif" alt="" /> I once had a Ford Tempo 4WD (sympathy appreciated) that blew the front main seal when the PCV froze shut at -44?C in the Yukon Territory. I was running 5W30 Amsoil and it wouldn't make it through a tank of gas without the oil light coming on. I switched to Quaker State 15W40 and Motor Honey and the oil consumption dropped to <1qt/1,000 miles.