LS1 smoking like crazy...why?
If the heads need work you can find them for 2-300 bucks(good heads not junk yard take offs) not 243 casting but you probably don't have those now.
Cracked Rings or Piston
Blown head gasket
Bad Valve Seals
Bad Valve Guides
Crack in head or block
If you suspect the PCV, and don't have a PCV System, make sure that the engine is well vented, leave the oil cap off and the pcv port on the valve covers are open.
then again, it is possible the rings are not seated yet.
Good luck on finding the cause.
BC
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You probably haven't run it long enough to notice a drop in coolant level. At any rate keep checking the oil for coolant and vice versa.
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