I've had a bit more observation time with the car, so let me update/clarify the problem
1. The car dies as soon as you let off the throttle after it warms up, It starts and Idles fine when cold.
2. There is enough smoke coming out of the exhaust when accelerating to smog half my neighborhood. It looks gray, no obvious discoloration.
3. The valve cover breather inlet has a hose hanging off. It is supposed to go into the intake, but it is just hanging now. The hose shoots out lots of exhaust smelling smoke at a constant pressure. If i squeeze the end of this hose, the pressure builds until I release it and the smokes blows out faster as the pressure is relieved. It does this during idle when cold or hot. I can't tell you what it does when accelerating, because it's under the hood.
4. In 2 days the car has burned/leaked 3 quarts of oil.
I tried replacing the PCV valve with no luck. The guy I bought it from didn't have any suggestions and it seems I may now be stuck with it. I will say again, when I bought it, they were finishing installing the return oil line. I haven't noticed any collection of oil anywhere under the hood or in my parking spot.
The guy also said he rebuilt the head recently. I’ve added a link at the bottom of this post to the thread where he was selling it, so you can see what all was done with it. Let me know if you guys can think of anything with this added information.
Peace!
http://www.dsmstyle.com/forum/index.php?showtopic=1218