My 360 is smoking out of the driver side valve cover BAD. The passenger side smokes a little bit too but theres no excessive smoke out of the exhaust. I also have milky sludge on my valve covers.. Over the winter I put in a new cam and a 4 barrel manifold. I'll be trying a new PCV valve soon. What do you think is going on? Rings? Bad intake gaskets? Will a PCV help?

 

 

i second,the oil water mix,did this start after you did cam and intake,after you swapped cam and intake did you change the oil ?.

 

The exhaust crossover port at the intake may be leaking. They tend to get really corroded making the gasket seal almost impossible.

 

Milky sludge ? You've got a coolant leak or a blow head gasket