Smoke from breathers.

I just purchased a 67 Valiant from a guy. Its a 69 block 318 with 360 heads, Edelbrock carb and intake and a cam. (not sure of the size) I really have no insight on the motor as he bought it off someone and I dont think he really asked questions. But anyway. The car revs super fast. But my concern is I get quite a bit of smoke from the breathers in the valve covers (i have one on each side and the port holes are baffled,along with a new pcv ran to the front of the carb. I hooked a vac gauge to the front of the carb where the pcv goes and its pulling 15 lbs of vac. But I constantly have oily valve covers where my breathers are because of the smoke. The motor runs strong, the oil is clean (not milky). I'm just stumped.
Heres a pic just for fun.
http://tinypic.com/r/281xwsn/6