Smoke coming out of the dipstick

Details...Details....Is the motor stock, whats the condition of the shortblock, milage, etc. anything that could pertain to this problem. Off hand without knowing all that, I would say you have excessive blow by or you may need to change the pcv valve.
 
that is not a good sign

do a compression test

and see what u get but must likely its your rings 94-95

seem to have a little problem with pre ignition whrn they get too HOT:nono:

GOOD LUCK