Oil pump hell.

The OP either has oil sucking to the intake ports due to mis matched intake/heads or has lost ring seal. Smoking going down the road is not from valve seals, some guys don't run them on race engines and they don't smoke going down the track.

I have never had a HV pump suck a pan dry, however I did have a 440 that I built and used a stock pan and a high pressure pump and had to run an extra quart of oil as the pressure would fluctuate other wise. On cold start up it would go well past 100 psi until it warmed up.