If it is valve guides the smoke will be heavy after start up and then get light to none after running a while. Having good oil pressure on that engine only tells you that the oil pump is good. The bearings can be shot and knocking and have good oil pressure. Oil to the bearings comes from centrifugal force thru the spinning camshaft. It is sent thru the camshaft bearings to the main bearings. Little holes spray oil on the rods and the spinning of the rods catch the oil and forces it into the rod bearings. Compression is a good place to start.
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Today's Featured Article - Farmall 460: That's My Girl - by LeAnn R. Ralph. How many sounds can you think of that are as familiar to you as your own breathing? What about the hum of your refrigerator? Or the thump of your clothes dryer? Maybe the engine of your car? You hear those sounds every day, and you don't think much about them, do you. I can think of a few common, ordinary sounds in my daily life, too.
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