oil burns once engine warms up

Hello, I'm working on a '65 Mustang with a 302 engine, somewhere between 380-400 horsepower, (performer rpm cam, intake and heads, 9:5:1 compression), Holley fuel-injection. Engine has about 500 miles on it, and is built on a Jasper class II shortblock, (i.e. - it was built by someone who knew what they were doing:)

I'm trying to find an oil burning problem. The engine doesn't throw any blue on start-up, but will gradually start to blow blue smoke out one pipe as the engine warms up. It didn't do this after it was built. Sometimes the smoke is just a little, sometimes it is a lot. I can really get it going sometimes by turning on the air-conditioner and loading it down at idle. I've added an oil/air separator to the PCV system, with little change. Which valvecover should the pcv/oil/air separator be in? I'm pulling about 14 inches of fairly steady vacuum with the fuel injection, which is pretty good for such a radical camshaft. I'm running 15w-50 mobile 1 performance synthetic for oil. Compression looked good across all of the cylinders when I last checked. I'm pretty easy on this engine, rev-limited to 6000 rpm, never race. Just like to cruise around town every so often.

My current ideas are:

PCV issue
Intake manifold gasket.

I would really like to think that the rings are okay, if I had broken a ring, I should be seeing blue smoke all of the time, right? I should also see a drastic change in compression on that cylinder, correct?

Any ideas would be greatly appreciated!

- Eric

Compression looked good across all of the cylinders when I last checked. ... I would really like to think that the rings are okay, if I had broken a ring, I should be seeing blue smoke all of the time, right? I should also see a drastic change in compression on that cylinder, correct?
You're right. Compression would be wonky on the bad cylinder. Is it possible that oil is leaking from the cylinder head down into the exhaust valve instead of from the crankcase up into the cylinder?
Try testing this by steadily holding the engine at different RPMs. Start at idle and slowly step it up in 500 RPM increments.

The key is to replicate the problem. We have a saying in the Software industry... "If you're testing for bugs and can't find them, it doesn't mean that the software is bug free. It just means that you're not testing hard enough". This applies to the engine in question because it is burning oil, we just don't know where it's happening, yet.
Good Luck.