I currently run 15-40 in my 01 6.0 so comsumption is 2qt every 2500mi, but when i run 5-30 im going through a qt every 1k. I put in the updated pcv valve and there is no oil drips in my garage. Is this thing pretty much in need of a rebuild?
that uses less then quart between oil changes (every 3-3500 miles with standard 5-30 since new) and we also have an 02 6.0 with 320,000 that has had mobil 1 every 4k since new and it too uses less then a quart between changes. Both trucks have a very minor slap when cold and neither engine has ever been apart. 
It amazes me that gm wants you to run such thin oil on these engines. 5w oil os thin and I only ran it on my four banger ingines. My 5.7 used a good amount of oil when I got it and I tried running the 5w oil a couple changes and it did the same thing. Switched to 10w 40 and it has better oil pressure and burns half as much. All my small blocks that's what I ran before I got the truck I got now. But
On the cap it says run 5w30. I laughed when I first went to put oil in it. Lol. Why so thin factory oil?
found this when looking at a repair site:
1. Update the PCV per GM bulletin 01-06-01-029B.
2. Replace the valve stem seals. Verify the head drainback passages are open and clean.
3. If the consumption continues, replace the oil rings on the pistons.
4. While working on the engine, perform the checks necessary to verify no excessive wear has occurred or is present.