oil in the exhaust

Hi there all can anyone help me with suggestions likely cause of oil dripping out the joints on the exhaust on my 3.5 efi classic rangie on an 89 changed head gaskets as I thought it was that but still the same did clean system out had a missfire before gaskets done but put new plugs in so not sure which cured that and it smokes bad but its a whiteish smoke with the odd wisp of blue not losing water that I can notice been told a few things like woodruff key on crank can snap and cause this checked it not broken timing seems correct also told could be ecu and to get it tested still gotta find someone to do that or maybe a worn cam but it don,t rattle or knock and idles nice with not much smoke but rev it and it throws it out good compression readings of 12.5>13 bar about 150psi both before and after head gaskets changed had heads skimmed

Any body please HELP!!!!!

any suggestions very welcome

THANKS

valve guides - or rings?

thought of those myself but was fine when drove to work but when moved later in day was smoking and missfiring and didn,t seem excessive movement in guides and none in pistons

you sure its oil thats dripping! if the rings where that buggered your compressions would be awfull! cant see valve guides would ever be badenough to cause that! where any of he plugs that you removed showing signs of rust internally?

no rust just a bit sooty from it being a little on the rich side doesn,t rattle or knock which I thought if rings or guides would have some noise and its defenately engine oil lost half oil between max and min on dipstick in just running for a while today on several investigation runs I just dont know dont fancey taking it apart again and doing rings and guides and possably still not fixing it but might have to just to rule it out are the liners likely to have shifted and cause this as a friend turned the engine while cleaning it with the heads off and i,ve heard some liners can move that easily but this is the first time on a rover v8 done lots with american cast iron stuff and british/eu four cylinder ally i,m stumped

as said in pm if its coming out of all cylinders when engine running with no exhaust on surely has to be a breather fault, cant think of anything that would effect all cylinders other than guides/seal but you would have blue smoke as well, even if it the breather, unless just exhaust guides/seals but dont they all wear at a similar rate??????????????????????????