First off, who on earth recommend that oil? that is NOT the oil you should be using. Switch back to Mobil 1 0w-40 or run Motul 8100 x-cess 5w-40. The LubroMoly shit is massively overrated and over priced.
500 miles to a quart is a big issue and really, I don’t think changing oil or lowing engine temps are going to change a thing. You either have a bad PCV that is just siphoning oil into the motor, sever valve stem leaks, or…are you sitting down?..scored cylinders.
<------Worst comes to worst, follow the arrow to the left.