Steve,
An oil analysis is usually the best way to determine if an oil is still serviceable, however, dirty oil can cause oil consumption as the seal between the rings and cylinder wall will not seal properly. Also, when rings get carbon on the back side of the rings in the ring grooves, the rings will not move properly to allow them to properly seal.
I have seen cases where oil rings were broken cause oil consumption, and yet the oil was still in good shape, so oil consumption is not a really good indicator of oil serviceability.
My philosphy is if your going to extend oil drain intervals, an oil analysis program is the best way to go!
Wayne
amsoilman