loose engine

I just bought a 1969 327 for my car. I was told it is bored .30 over and its a loose bore. It also burns oil, i dont know exaclty how much. I guess this means the rings are loosly fit and it revs faster. Its got 10k miles on it and runs good from what i hear, but with a loose bore, should i re-ring it? Or just run it?

i'd re ring it, the rings have to be put in with the gaps offsetting each other to prevent blowby, that could be all that's happening. but if that's not your problem you may have to re-bore it and then re-ring it.