Does it puff a big cloud on startup? Trailing throttle? If so, old, hard valve stem seals and worn rings are most likely culprits. Mine was mainly valve stem seals. I had over 200k miles, and cylinders looked like new, rings were worn but not past spec, still had over 160psi compression. But it would paint a nice film of oil on the rear bumper after a few hundred miles. Yuk. I had my head surfaced and new stem seals installed for $200, including reassembly. I didn't let them touch the valves or seats, as they were sealing just fine. They just removed them , then cleaned and replaced them. Then I installed a MHG w/ ARP studs and turned up the boost. Smoke has been gone ever since and no more oily bumper.
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