Hi- what was the outcome of your engine problems? I am having the same exact thing happen on my toyota pickup with a 22r in it. I just finished rebuildng the engine in an attempt to fix this and other problems (it had a spun bearing as a result of oil starvation). I'm really at a loss for what to do because I've just replaced all the rings, bearings, etc. and permatexed all seals, only to have oil piss out of every single seal.
I did a compression test and got 125 psi, which is lw for a 22r. Still, I'm pretty sure the rings have not completely seated yet. It doesn't seem to be burning oil, just leaking from excessive crankcase pressure. I checked the pcv-- it seems ok. But there is so much pressure (and smoke!) in the crankcase that it comes out of the fresh air breather-- I.E. where the pcv is supposed to be taking air in. Any help would be great.