1992 ford stanger 5.0

guys new to the mustang world so i need some leadway on a few things. just purchased a 92 mustang 302 , converted over to carburated . high rise manafold, holley carb 4barrel cammed and head work. the car sat from the summer to now literally 3 days ago. drove it home and started to smoke. no antifreeze smell in the exhaust, no antifreeze in the oil. idles and smokes but smokes like a **** when revved up..doesnt smoke as bad when first started but it does smoke more then it should. but gets more worse as the time goes. ive noticed the breather filter i put on it smokes out of there. and smokes out of the oil cap. im assuming bad valve seals from sitting based on my past knowledge of previous vehicles..?? also what should the compression be for around that year. tomorrow i am going to start with a compression check make sure its all on point then if soo. obv leads to the only other problem....valve seals
 
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I am assuming that you are talking about blue (oil) smoke. I would start with a compression test, and a leakdown test to get a good idea of the shape of the cylinders and rings. If all that looks good, then I would do valve seals. With my experience though, if it is constantly smoking and more so when revved up, then you are looking at rings. With valve seals, it will generally just smoke at startup.
 
its not a heavy blue. its more of a cold day startup exhaust type smoke. unfortunetly i live up in vt and its 20degrees here. the exghaust does have a tint of blue to it but a tad. any idea on the compression for the 302s?( i cant find the compression for the 302 on google) possibly runnin rich?. ive punched the gas nice and hard and really the only thing that comes out the muffler tips is pure moisture.
 
numbers will be subjective according to mileage on the engine but you need all cylinders to be within a 10% deviation. anything under 130 I would view as suspect.
 
blown head gaskets for sure. milky as hell in the dipstick was actually able to tell because i pulled it out of the garage and was able to see with light. going to pull the heads off and do all new gaskets and have fingers crossed the heads and valves are in good shape still. since there built. thank god its all easy to do with these cars and not allcramped with space, just need to find the right specs and torques for everything , any good remidys anyone has on cleaning the motor out from the antifreeze and etc???
 
blown head gaskets for sure. milky as hell in the dipstick was actually able to tell because i pulled it out of the garage and was able to see with light. going to pull the heads off and do all new gaskets and have fingers crossed the heads and valves are in good shape still. since there built. thank god its all easy to do with these cars and not allcramped with space, just need to find the right specs and torques for everything , any good remidys anyone has on cleaning the motor out from the antifreeze and etc???

Don't just cross your fingers get a good straight edge and check the heads to see if they are warped at all.

http://www.rlb.50megs.com/trkheadwarp.html