Smoke in high RPMS

My 88 has started smoking pretty good when you take it up to about 4000rpms, it only does it if you stay up in the Rpms for awhile. It puffs alittle smoke when you start it at first but not much. Quess i need to do a compression check putting alittle oil in cylenders and see if it goes up any. Think it could be the heads or rings? Im getting ready to do a Heads and intake swap (car already has a E cam). But hate to put $1000 worth the parts on a junky bottom end. Its also getting oil into the upper intake, threw the tube on the valve cover, it smokes alittle out of it after its been runing for awhile, not a alot but its noticble if you remove the oil cap.
 
Have someone follow you down the road and let off the gas, downshift a gear or two so the engine revs high and let the engine slow you down. If smoke starts to come out it's the valve seals. The vacuum will pull oil into the engine.
 
You mentioned that you are getting oil in the intake. Could be getting pulled in through the PCV valve if the basket is dirty, or missing. Not sure if it would pull in enough to cause it to smoke, but something else to look at. There have been a couple of posts around here lately about this issue.
Good luck,
-Grim
 
Its blowing smoke out of the oil cap when car is runing if you take the cap off, that line that runs from the valve cover to throttle body has smoke going threw. I was looking at it the other day at my parents and started reving it up and it was smoking from under the car, it turns out it is spraying oil out of the oil pan gasket, or rear main (i just changed it about 6k ago along with the clutch/tranny) But its getting on the headers and making it smoke pretty bad, there is alittle coming out of the exhuast. But i think it smoking out of valve cover is blow by, probly needs rebuilt anyways.
 
I'm having a similar problem with my 95 GT. However I'm getting puffs of smoke when I launch and shift at WOT. A quart of oil is lasting me about 300-800 miles depending on how I ride it. My initial thought is the valve seals, I'm hoping thats it. Any recommendations for an EFI 5.0?
 
It's got about 91k on it all stock except a K&N cold air. I'm going to run a compression check later this week then, I planed on replacing the gasket anyway while replacing the valve stem seals. Speaking of which, what size seals do I need to get?
 
In terms of the seals spend the extra couple dollars for the "Viton" seals. They are a flouroelastomer with better sealing, temp range, and wear characteristics. Maybe 2 bucks a piece if i remember correctly.