smoke coming out of valve cover breather

As long as there's no moisture, I wouldn't worry about it. It's a high performance engine with high crank case pressure and temps. It should have a vacuum pump or evac tubes and that would probably alleviate it. That's just my opinion. If it was the piston rings, it would be smoking from the exhaust. I'm a novice at this though, so I could be wrong. Hopefully one of the experts chimes in. My heads and rocker gear are from Hughes too, and I get smoke and oil splatter from the breather caps. It has always done it. The engine was broke in and dyno'd by Brian at IMM. Never had a bit of problems from it.