A bad PCV valve can cause smoke and or oil leaks and a lot of either. If the valve is not shielded from the oil the rocker throws up it will suck that oil up and make a lot of smoke. If the valve is blocked it can make pressure in the crank case and that will push oil out everywhere. Easy test, take it out and plug the vacuum leave the hole on the valve cover open, start it and look to see if there is a bunch of smoke coming out that hole. Yes= rings. The penotrating oil is a long shot but a cheap shot also. Also drive it around a little and see if it still smokes.