Yea its low pressure, if the level is low, all the oil in the sump runs away from the pump on a corner and the pump will run dry for a second, it will cause fatal engine failure and fast! so sort it asap.
As for smoke and drinking alot of oil, if its mornings i would say the valve stem seals are worn out if its constantly smokey it could be the piston rings, if i was you i would top it up, put a bottle of flush in there, run that and dump the lot out, then fill it with a good oil and filter and add some stop smoke aditive for petrols. A build up of carbon deposits on the oilways down to the sump will cause oil to build up in the head and drip down the valve stems, therfore, using alot of oil and smoking alot.
Thats the first thing i would try to cure it, Its ok to use the engine like that as long as you keep on top of the oil levels.
