The smoke is likely from worn rings or stuck rings from sitting. That may improve with running if stuck, otherwise will be an annoyance, may tend to foul plugs.
But the low oil pressure could be a sign that it has been run out of oil (due to the oil consumption) in the past. Continuing to run it with low oil pressure could cause more damage.
As of now, since it is still running, you have a rebuildable engine. Continuing to run it, especially if it has or develops any bottom end knocks or rattles, or allowing it to run low on oil, could damage the engine to the point it would not be economically feasible to repair it.
As for magic additives, no. The only thing you might try would be heavier oil, straight 40 or 50 weight could buy some time, but that can be risky if you plan on using it in cold weather.
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Today's Featured Article - A Brief History of Tractors in Australia - by Bob Kavanagh. After Captain Cook's exploration of the east coast in 1770 the British Government decided to establish a penal colony in Australia. The first fleet arrived in 1788 and consisted mainly of convicts who were poorly equipped and new little of farming techniques. The colony remained far from self-supporting and it was not until the early 1800's that things started to improve. Free settlers started to arrive, they followed the explorers across the mountains and where land was suitable set up farms. T
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