Serious oil problem/blue smoke
Smoke on decel is most often valve guide seals, so sounds like you have both going on. Keep the rpms lower, especially in low load situations and replace the guide seals and you may see good results, otherwise it's going to be time to freshen the engine.
I ask because my heads are brand new and I was very careful about sealing the rocker studs, so I don't think they have anything to do with the issue. The shortblock has less than 50K miles on it.
-ch


