'74 Spider High RPM Smoke

["Hanne, Gregg" <ghanne@domain.elided>]

My '74 Spica Spider blows (what I assume to be) oil smoke, but only at higher
RPM's, especially when driven hard or aggressively accelerating from a traffic
light.  Also, when first started in the morning, it leaves a little black
sooty circle on the ground (I coast it into the street before starting it to
spare my driveway).  The car otherwise runs quite well, good enough to drive
daily and it even passed the CA smog test.  If this was a rich condition, I'm
pretty sure it wouldn't have passed emissions.  My question is, does this
indicate trouble with the oil rings, or possibly the valve guide seals?  I'm
trying to budget the motor work wondering if a head would cure it, or if an
entire engine rebuild may be necessary.  Thanks in advance!

Gregg
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