If the car isn't a daily driver, I don't think burning oil will be a big problem.
I'm not sure how much of a problem it is any way. I know that you can avoid it with a 331, and there are other reasons to choose a 331, but a 347 crate motor straight from ford at a good price is a good reason for a 347.
I think you could bolt that engine right in, just like a stock replacement short block and not even think about it besides checking the oil level a bit more often than normal.
You might want to keep your rpm under 6,000 or so. The extra stroke and power has been known to break things at high rpm, but I think that crate engine has the sportsman block, so it's probably pretty durable.
I think it's a good choice. It's probably a lot less money than a similar CHP block, and I think it might have a waranty, while I think the CHP's have none.