M37 engine problems

[67Beast]

I beginning to start work again on my 53' M37 that has been sidelined the last year or so due to excessive smoking and I just want to run it by everyone before getting started so that I can start to accumulate parts for it. Right now the motor starts and runs great, has proper compression on all the cylinders, but the problem is that during declaration when it makes backpressure in the motor it will start smoking a light grey oil smoke. I'm thinking that it is most likely worn valve guides and seals letting it suck oil during the backpressure. Does that sound about right? Or should I check for something else. My current plan is to pull the motor to start working on it and I just want to make sure I'm getting the correct parts for what I need.

Thanks

 

[NDT]

I would first make 100% sure oil isn’t being ingested via a bad vacuum pump diaphragm or stuck crankcase vent valve.

 

[John Mc]

Does your oil look and feel normal?

 

[67Beast]

I would first make 100% sure oil isn’t being ingested via a bad vacuum pump diaphragm or stuck crankcase vent valve.

I pretty sure it's not the pump diaphragm, but I'll check the crankcase vent.

 

[67Beast]

Does your oil look and feel normal?

Yep oil is good with no contamination.