smokey engine!

[Vangelis Kokkevis <vkokkevis@domain.elided>]

I'm trying to determine whether my 73 gtv's engine is
in need of a complete rebuild or if it's just the top
end that needs urgent attention.  The symptoms are the
following:
- High oil consumption: about a quart every 3-400miles
- Lots of exhaust gas coming out from the cam cover
when I remove the oil filler cap or the hose that goes
into the oil recirulation canister. 
- Car smokes extensively on deceleration (burning oil
smell that gets sucked into the cabin when going
downhill or just using the engine to slow down).

The first two symptoms would probably point to worn
out rings, however I am getting a pretty decent
compression (140-150psi in all 4 cylinders).  Could
the exhaust gases be entering the cam area through
worn out valve guides?   Could that much oil loss be
attributed to worn guides? 


Thanks a lot,
Vangelis
Mountain View, CA
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