I agree with Twisted6 that the typical 230 is 140hp and 250 is 155hp.
Some exceptions of course, 64 Chevelle 230 is 155hp; some HD truck engines are lower hp than car engine.
I've had three instances of massive oil consumption.
#1 was old dried out oil seals came off valves and boy did it smoke!
#2 was the rebuilders used std oil rings in a .040 over motor. Result? With a 194 head on a 292 was 180psi compression but 50 miles to the quart!!
#3 was the result of a can of Restore.
Glued all the rings to pistons. Had to disassemble that one, was undriveable.
The point being it might be worth looking at engine and see what problem is.
Of course maybe it is just shot.
I'd put the 250 in a big car.
You can't get a 292 in there?
It goes in my Chevelle, air cleaner's a little chummy with hood reinforcement. Oddly enough the big round indentation is in center.
What were they thinking?
Not so sure about the low end torque and still go to 5500rpm. Depending on cam it might do it but be waste of time since power was already peaked out.
Sounds like a good candidate for a 4 speed OD automatic. Get car moving and maybe a little MPG too. A good low gear would forgive a bigger cam I think. Engine wouldn't really have more low end but rpm would come up quicker.
If you think about it, that's how some late model SUV's get by having peak torque in the 3500 to 4000 rpm range.
My 194 in my Chevelle is shot and I'm going to put a 250 in but keep the PG for a while.
The 4 spd auto thing would be good for me too, but I have a Muncie and miss having a stick shift car.
Contact Tom Langdon, he's pretty big on the OD auto swap I think.