Honda Repair: 1991 Honda Accord EX (2.2L f.i./autom.) burns oil, accelerator pedal, honda accord ex

Question
Rick,
I couldn't resist buying a high mileage 1991 Honda Accord EX for my son's first car. (173,000)  Aside from a little rust the car is in fine shape. Needs timing belt and the usual stuff. Unfortunately, it does burn some oil.  I'm only told "1 to 1-1/2 qts. between oil changes"  I just picked it up.  Runs smooth.  A little black smoke at start up and high revs.  Plugs are clean and bright burning.  
What do you think my chances are, this car could run a while?  What do you think my future holds for the oil burning problem, and what could be the issues there ?. What would be the worst case warning signs of inevitable death I should watch out for?
Sorry for 3 questions...
Thanks
scott

Answer
Scott, the industry claims that oil cosumption reach over 1 litre for every 1500 kms. driven to indicate a problem. I tend to disagree but I'm a small fish in a big pond. A little black smoke at start up isn't a real concern. Black smoke is a sign of a rich condition(fuel not oil)and at start up is O.K. considering the engine is supplied more fuel when cold. Severe oil consumption is when you touch the accelerator pedal and blue smoke bellows out of the exhaust. If the vehicle only uses 1-1.5l between oil changes which is probably every 6000kms you're doing fine. I'd reccommend keeping your oil changes frequent(5000kms) and check your oil level at every fill-up to monitor it. Other than that drive it and enjoy it, that's a great car. I don't think it will progress to much more than what it's doing now. RICK