I have a '73 Coupe which has been my only car for almost 15 years. Considering where you live 20-50, 15-50 or 15-40 is fine. The only reason I use 10-30 right now is because it gets cold in the winter where I live.
Your Caddy was probably abused like the vast majority of them are. The oil was probably never changed regularly. I would suggest some Rislone and frequent oil changes until the oil stays clean.
The other thing about the old 429-472/500 motors is that they don't like to sit and they HATE in town driving. They were built to run at 80 to 100 mph all day long which is when mine runs the best. They are geared so high that they never ever get into their torque band around town.
You probably have some stuck rings which frequent oil changes and Rislone will fix eventually. Provided there is no damage due to the oil never being changed cleaning it out will probably reduce your oil consumption or stop it.
I would also run MMO in the gas since it was designed to run on leaded fuel. It also needs premium gas and you may have to retard the timing even at that. I don't know off the top of my head what the CR is on that engine.
I don't know about the 429's but I have heard of the 472/500's going 3 and 400,000 miles. What they are is a diesel engine you put gas in. The problem is very few are taken care of and even fewer engine builders know the idiosyncrasies of rebuilding one right.
Get the engine cleaned out and get it out on the highway for a few good long distance high speed beatings. It'll either blow or start running a whole lot better. I had oil consumption problems with mine until I started driving it every day.
If you want access to the Cadillac guru's of the world go here:
http://forums.500cid.com/
They can answer ANY question you might have about that engine or they will point you in a direction of someone who can.