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Uh do I even HAVE to tell you what is wrong? First off, 290 is pathetic.. A GOOD 4AF should be seeing 360-450mpt..
Your engine is shot. The oil is because the piston rings are blown.. You aren't getting compression in those cylinders which is why it is suck ass to accelerate.. Go ahead and pull your oil cap off.. take a wiff.. The oil is gonna wreak of gas..
You would have to take the cylinder head off.. drop the oil pan.. pull the pistons and rods.. Put on new piston rings.. Probably get the cylinders honed.. I'd recommened getting the crank checked for trueness, to make sure that the rod journals are perfectly round.. I'd also recommend replacing valve seals.. Fuck just do a complete rebuild and bring the 4AF back to brand new condition..
A complete major rebuild kit everything you would need would cost 300-400 bux..
I know for me, all the machinist work was going to cost another 400.. that included checking and polishing the crank, rods, getting the block bored and honed .030" over-bore.. cylinder head resurfaced.. 3 angle valve job.. hot tanking and whatever else.. quite extensive but the engine would have been brand-fucking-new.
Yup.. oh and keep an eye on your oil.. I bet you are going through a quart every couple days.
About the oil, since the piston rings on those cylinders is shot.. oil is just slipping right past the pistons and right into the cylinder.. called blow-by. It'll KILL your performance plus I bet when you get on the peddle your exhaust smokes like hell, huh? and when you start your car...
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