I would be taking a sample, I know a one off sample might not tell much but still worth the small cost to me.
Next I would pull suction strainer and filter to inspect real close.
If either are full of crap might be thinking about biting the bullet and do a before failure rebuild. Guess that would be a before "major failure rebuild" as it (something) has already failed! And if doing a rebuild DO NOT for get to replace oil cooler!
If everything looks good with the exception of the nasty oil smell I would change it and the filters and after it has run a day or two change filter again. I would also be checking all temperature senders/sensors and gauges and confirm they are operation correctly. Clean and maybe flush radiator just to be safe.
Seeing you are from Buffalo I'm going to guess this old machine is going to be pushing snow in a couple weeks so better get to work! Not to be nasty but.......................