Getting that much blow by makes me think head gasket. I didn't watch the video at first, but that looks like a good possibility. Light blue out the tailpipes could be valve stem seals or guides, seals usually will smoke at startup in my experience.
Been raining here off and on since about 4 am. Expecting it to continue all weekend. Woo hoo, May long weekend, yippee. True that we were looking at drought conditions, but holy **** we don't need 2 months worth of rain in 2 weeks!
My 68 Fairlane 500 with it's 2 bbl 289 was very good at the "one wheel" smokeshow, and I was never shy about lighting it up. Maybe that's why the transmission fried!