Hey Simon. For the mileage that you reported in your second post, I would think the smoking on idle is fairly typical. Some V8 owners have had good luck with a product called GM Top End Engine Cleaner:
http://www.sytyarchives.com/howto/viewarticle.php?article_name=top_end_cleaner.php&dir=engine

5bar of oil pressure is normal on this car. After it warms up, it will drop to about 2 bar sitting at a stop light; the rest of the time it sits at around 5. The only reason to be concerned on this car is *lack* of oil pressure.

Not sure about the brake pedal travel. Most likely it is the "bomb" that needs to be rebuilt. Its job is to maintain brake pressure. There is a membrane in there that is prone to failure, but can be rebuilt by someone who is familiar with the process. Not sure who to recommend on the other side of the pond.

Also, not sure how much V8s sell for in Europe, but my recommendation is pay a little extra for one in great shape (I wish I had; would have cost me less in the long run.)

Hope that helps,

- Jeremy

1990 V8Q Zyclam Portland, Oregon (USA) http://www.MyV8Q.com/ Fun, Fun, Fun auf der Autobahn