Some oil consumption is normal. Required, actually. I usually figure 'normal' to be anywhere from a pint to a quart over the cycle (3 months). If you're not driving in a blue cloud, or leaving puddles behind you, you're good. The problem with that older-engine oil is that once you start using it ... you have to keep using it. Otherwise you spring leaks everywhere. Similarly, putting high grade synthetic into an older engine that's run on conventional dino-rot, the synth is much finer at the molecular level and leaks like a seive.
The long and short is to stick with what you've always used, unless you've got an obvious reason to change it. A brand new engine, you want to break it in with conventional, and then switch to synth asap. It's more expensive, but how much does an engine rebuild cost? If you've run conventional for more than a year, there's no going back to synth. You might get away with it, but it's not a smart choice. The older-engine stuff .... is a gimmick. If the engine needs it, it needs a rebuild more. If you need it, the engine's probably not got more than a year left in it anyhow. Chuck it in, get it to stop smoking, and sell it. But if you're looking at keeping it ... it's a bandaid solution.