I'm more suspicious of that unusual crankcase ventilation system. Disconnect the tube and then test the car at idle. Are you still getting smoke, and is there strong blow-by coming up through the open end of the tube?
If the tube is pushing a lot of oil, there's your answer. You need a better baffle under that basket to keep oil away from it. The best solution though is a PCV valve in a rocker cover, then make-up clean air flowing into the block the opposite way through that tube / basket.
If you don't see oil, but there's a lot of misty blow-by flow, I'd say the rings are sticking / not seated properly. A quart of Rislone added to the oil will go a long way towards un-sticking the rings. After that I would still add the PCV system. PCV really helps keep the crankcase clean and it will help the rings seal.
Best of luck!