what is the problem 79 f150 302 blow back?

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Speedo

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i have a 79 f150 302 with about 75000 miles on this rebuild. i noticed a shutter and hesitation when i hit the gas. then i noticed smoke rolling out behind me. not from the exhaust pipes like oil on the manifold. i opened the hood and oil is every where on the passenger side front side and rear side of the engine. i noticed smoke from the dip stick and rear vent. tap the gas and alot of air pressure and smoke come out the vents and dipstick. i have a slight miss but other than that idles perfect. no loss of power that i can tell, but the hesitation and every now and then a back fire thru the carb sounds like. been told its a bad compression ring or could be the timing. any input would be greatly appreciated. thanks.
how long will she run with out rebuild or what else could go wrong?
 
i think you have blow by caused by broken rings, as the piston goes up the compression slips past the rigs causing pressure in the crank case.
 
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