1960 towmotor

So i bought this new toy (1960s towmotor forklift) and every time i push the choke in with the accelerator at full throttle, it rattles and blows out copious amounts of black smoke. Same thing when accelerating under a heavy load.

Anybody wanna take a guess as to what may be wrong with this pile? Whats it going to take to blow something up?
It was cheap and I kinda want to keep it running.

is it burning oil?

Yea about a quart every 4 hours

you need to find out if parts are available. you need to find an automotive machine shop. get somebody to help you pull the motor and tear it down. May need to get cylinders sleeved. Will need to get the crank ground and connecting rods reconditioned. If you can find parts. timing gears and chain, water pump oil pump will need replaced. valves will need done. get somebody who knows what they are doing when you put it back together. You need a clean and as close to dust free environment/shop as you can get when you put it all back together.

Four cylinder flat head Continental with up-draft carb and oil bath air cleaner?

I think thats what it is

Disconnect the air cleaner hose at the carb and see how it runs..

You have to be fouling the plugs with using that much oil. Could be where the smoke is coming from one or two cyl fire or out of time.

sounds wore out......

I have absolutely no knowledge of that application.

But, if danny clifton's rebuild requirement is right, and GUK's guess is accurate. I'd look for a replacement engine.

JEE-ZUSSSSS

Sounds like more bull than its worth. Maybe i'll paint it up real pretty and sell it

If its wore to the point where its burning that much oil you will have to tear it down if all you do is re ring it. I suppose there is a chance that the valve seals are just gone. But i suspect it is just wore out. If you tear it down there is no point not rebuilding it. If the rings are wore out so are the rod and main bearings. If the rod and main bearings are wore so are the cam bearings. If the rod bearings are wore so are the wrist pin bushings. If the main bearings are wore then the crank is wore and will need ground back to be true for the new bearings. Cam should be replaced along with the bearings. Head and valves will need ground and the guides will likely need sleeved. or knurled but sleeved lasts longer. Anyway thats all conjecture at this point but burning that much oil is a real good indicator it needs rebuilt.
Those engines are straight forward and uncomplicated. If you have never rebuilt one it would be best to find someone who has. You may be able to buy a rebuilt engine with a warranty and sometimes its not any cheaper to do it yourself. I would check it both ways.