For some time, the exhaust from our 95 Suburban has been very smelly.  I recently had the exhaust system inspected and updated, but the odor continues.  I checked the oil and it needed a quart after less than 1200 miles since the last time I changed it, and based on the dipstick, i think I could add more.  So, it seems to be using oil.  Other than this issue, the truck is running fine at 238,000 miles. There are coagulated oil patches in the garage, but no puddles or anything that suggests significant leakage. I recently replaced the plugs, wires, rotor and distributor cap. Any thoughts on what this truck needs?  

Thanks!

Check the coolant?

What does the "smelly" exhaust smell like?

A compression test is simple and could put you on the right path.

I am guessing you will be down some on compression and the exhaust smells like burnt oil that has gone through a cat.

If she puffs smoke when started warm.

Valve guide seals. Not to hard to change.

Compression test. Could have some broken rings with the higher mileage.

My old ‘95 Mustang GT would have a funny smelling exhaust with winter blend fuel.  Kind of a chemical smell.

Leaking valve cover gaskets? When they leak on a SBC, it's often right onto the exhaust manifolds. The valve guide seal suggestion is a good one, too.