67 fairlane! need help!

well at first the car used to hiccup! its a 289, and as i would accelerate slowly i could feel it huccip, so i figured one of the cylinders wasn't firing! I ignored that. After about a week the engine oil light came on at sharp turns. After a few days the light would come on more frequently, so i decided to check the oil, and it was dry!! a started hearing an engine knock after that! a few weeks later i put an electronic ignition kit on it and the car started dieing on me. every time i would turn it on, it would die. i had to put the idle really high just so i could get home! so i put a brand new point and condenser on it and it still turns on and dies on me. when i checked the timing it was pretty far advanced! i cant get it to idle at 800 rpm, so that might be normal...would anyone happen to know how much its suppose to be at for 1000, 2000, 3000 rpms? it's had platinum spark plugs for quite a while, but they are still in good condition, except for the fact that when i took them out, they had black oil around the threads! by chance i had the valve cover hole open (where you pour the oil) and was cranking the engine, when all of a sudden i saw thick white/very light blue looking smoking coming out...i cant say 100% it was blue, but it was pretty thick...but when the engine would start it would no longer smoke! i did a compression test on all the cylinders and they were around 130-150 psi...and at the moment i am working on the timing and distributor. any advice or help would be greatly appreciated. once again, its a 1967 ford fairlane, with a 289 cubic inch engine, v-8 carburated.

thanks

what kind of carb do you have on it? it could be a vacuum leak, blown carburetor gasket(from the hiccuping), if it's got power brakes, it could be the booster blown, causin a huge vacuum leak, it's an almost endless list, but this is what i could think of right off hand

[addsig]

You're fighting a losing battle there bro. Buy a master kit and re-build it or a re-ring kit and hone and re-ring it.
The blue smoke coming out of the oil filler hole is blowby.

The low oil light coming on during the cornering was from NOT HAVING enough OIL IN THE ENGINE...

The knocking is loose bearings and a worn out motor needing help...


[addsig]