Also,be sure the PVC hose to the valve and its ports are not clogged with carbon,you need a good strong source of vacuum to operate the PCV valve properly..if it cant greate enough vacuum to keep blowby from bypassing the rings thats just where it'll go,and cause smoke..I have seen some small blocks that had bad end seals on the intakes,and they didn't leak much oil,but the "open" area allowed vauum from the PCV valve to suck air in there,instead of "vacuuming" the crankcase as it should..
A crude test is to run it at idle and take off the oil filler cap,and block it with a peice of paper or your palm--you should feel suction after several seconds,or the paper be held in place by the vacuum..any other seal or gasket thats allowing air in,or oil out,will do the same thing too..(and may not nessasairly leak oil,due to the vacuum there!)..