This is just a guess!!!!!!! I also am weak on motor diagnosis!!! BUT there will be others who come along that have a ton of experience with the engine.Ill soon be digging into my first engine.
Maybe the rings,this is just a guess but you say its blowing out the dipstick so the crankcase is pressureized,and its using oil and smoking.
Like I said a guess!!!
WELCOME!!!!!
under edit, Oh man Matts A faster typer!!!! Hes one of the experts though!!!