smoke coming out of valve cover breather

Doesn't look good to me. If you have a coolant system tester, pump it up to about 15 lbs and watch it. If the pressure drops you can pull the spark plugs and pump it up repeatedly until water comes from a plug hole. Then start looking for a blown head gasket or cracked head. Good luck

I thing if it was a head gasket and it was bad enough to push coolent up the cyl, it would hydo lock, or at the least have a bad miss every time it sat and was re started.

I still don't think there is a problem.
you need to get the oil hot, then keep it hot for a hour or so.........After you get the pvc system hooked up and you will be fine.

If it was mine i would do a compression/leak down test first. Just for a piece of mind!:coffee2: