Do..or get a leakdown test done. What this involves is filling the cylinders with compressed air one at a time, theres a set of gauges you connect to watch the psi, depending on how fast pressure is lost determines the severity of the problem. The cool part is its easy to figure out where the air is going. If you hear it out your tailpipe then its the exhuast valve, coming out of your throttle body then intake valve....anywhere else especially the oil filling hole in the cover means the rings are long gone. A quart every 200 miles? Wow, when I lost the rings in #4 in the Gen1 motor (30# PSI) I was loosing a quart about every 1,000 miles. And as I previously mentioned, I found all that nice oil in my throttle body and intake due to the venting system...carried by the blow by. Any signs of external leakage to go with your smoke?
~Darin <img src="/forums/images/graemlins/baby.gif" alt="" />