if there's no water in the oil, and if the smoke isn't too bad, could be just an intake leak... check your plugs to see which one it's burning coolant in, and look to see if it's near a coolant passage...
The aluminum intake and iron head issue does spring up but that would dump coolant in the oil. Were the 307 steel shim head gaskets from the factory? The few I tore down were Felpro head gaskets. How did the coolant look? I saw nasty coolant eat shim head gaskets, they were starting to dump brown antifreeze into the cylinders on an Olds 350. When these cars were numerous on the road, we never had to pull the 307's down that far. What year is this car? Fixing it depends on compression and oil pressure. Hopefully the gasket is obviously blown as well or heads will also need checked. Other than 3A heads, Olds heads don't usually crack but it does happen. Usually a blown head gasket or cracked head will pressurize the cooling system big time. I blew a Corteco head gasket with Olds 307 5A heads on an Olds 350, did that. My 5.9 Dodge Magnum V8 also did it when a head cracked.
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