Oil from sparkplug hole, smoke at startup (only)

[bajcsi]

Hello all,
I'm having a frustrating problem and I wanted to get some opinions. I've searched quite a bit but haven't found anything that either I haven't tried or was relevant. That back story: I have a built 3.1L stroker (not done on the cheap) with E31 head running somewhere north of 11:1 compression. The most runs well with good compression across all cylinders. The head has had a sigfnificant amount of work done. Another piece of infromation is that it has a timesert in sparkplug hole number 3 due to an issue with the head that predates me. I'm running triple webers and Electromotive HPX ignition. 

I AM running PCV, as using advice from Tony D I created a vacuum log with a restrictor on one end for the PCV valve (mounted to a grommet which is mounted where the pipe once was all pressure fit). So I THINK I'm exacuating pressure from the crankcase. I have no other leaks that I know of.

Engine mileage is 1200.

Onto the issue: 

Symptom #1: On cylinder number 3, I have a small amount of oil coming out of the spark plug hole while the engine runs. As I drive, it slowly works it's way down the side of the block and makes a mess of things. 

Symptom #2: When the engine starts after sitting for more than a few hours, I get a greyish smoke while I idle. Once I drive off into the sunset, the smoke dies off and doesn't reappear until the car has been off for several hours.

Things I have checked:
 

• Valve Cover Gasket - it doesn't leak and the oil clearly originates from the spark plug hole.
• Spark Plug Torque: It's well torqued, but even it if it wasn't, you would expect something other than oil to escape.
• Valve Seals - I replaced them last night and the problem persists.
• Ignition - the plug is firing correctly, so I wouldn't think it's unspent fuel coming out.
• I'm not running overly rich either, 12.5 at idle. 13ish -.13.8 at WOT on the idle/progression circuits and 13.0ish on the main circuit.

And now on to what's left for my theories:
 

• Head cracked - Lord, I hope not.
• Oil passage nicked - Along the above lines, do the oil passages run anywhere close to the spark plug holes that a timesert may have affected.
• Oil passage nicked - I assume there is way too much metal in the combustion chamber that the machine shop doing the head work could have gotten close to oil passages?
• Bad oil control rings - If I had a bad oil control ring, would I not be BURNING oil consistently rather than for a few moments at startup (aka like when you have bad valve stem seals)? Also, would it be possible for oil to find it's way all the way up the cylinder wall and out a spark plug hole?
• Bad head gasket - I have an HKS 1mm head gasket on now. The problem existed with an HKS 2mm head gasket as well. Using ARP studs torqued to spec.

Of all those, I would prefer one of the last two to be the case even though I don't relish pulling the engine anytime soon. The oil comes out clean with no antifreeze or anything else in it when drained. The antifreeze looks good.

Thanks,
Brett

 

(this is crossposted over at classiczcars.com as well)