ClassicCar

I have a 1964 Mercury Montclair Breezeway with a 390. I got a great deal on it, we call it "The Godfather". I love this car, I'm really ticked off about it though. It has a little over 85k on it, the frickin thing is smoking out of the dipstick and the oil filler. There is blow-by, and the oil pools onto the manifold.
I have been told it's rings, and I have also been told that it just needs a valve job. I need to have the valve seats hardened anyway so I can pump regular as and not have to add lead substitute. I'd hate to have to rebuild the whole motor.
The car looks great, it's just embarrasing driving it with it smoking out the back. Smoke doesn't come out of the exhaust, and the smoke isn't blue. It's not burning oil at all, and I think the Carb isn't right either. I have to feather the pedal to drive it, once I get it going it runs great.
I think the solenoid or the starter is not doing so hot either, Its hell to get it started. I have to jump it sometimes because trying to start it runs the battery down. Any info would be much appreciated.