I ran one of these in a 68 Nova for ever(250,000 miles) It never smoked, but did have a ton of blow by. Would vent out the cap on the valve cover. Biggest issue was the PCV valve. It would get sticky and push oil into the intake. Cheap part and easy to change. Caused all sorts of running issues when it would go bad. It could be just that easy. Compression was good, but a lot of wear and loose pistons were my real problem. By 1978 it was done. Ball joints were the reason I got rid of it. Back then the car was worth about 800.00 and the parts alone were more than that. Try the PCV valve and see what happens.
In recent posts (on other subjects) I've confessed some of my embarrassing mistakes. It is entirely possible that I installed my NEW valve seals improperly. Heavier weight oil would only be a Band-Aid if the valve seals are the problem. I did all this work 2 years ago and memory is fuzzy as to the method used.
Please - someone tell me how to inspect the seals to see if I did it properly. Will it require compressing the spring and removing the cap and locks? I imagine so.
EDIT** Never mind. I found pictures that document my installation method. It was done properly. Pretty sure valve seals are not the problem.
Jay