Ok so i noticed about 3 days ago when I went and took some fresh pics of the ride (posted on my car domain btw) That upon restart a steady stream of grayish/white smoke was coming out the exhaust, puffed when I drove away and then went away. Yesterday while descending a 2 mile hill with stop lights i noticed it billowing smoke shifting into second and also accelerating through first and second. Did an oil change last night switching from 5w30 to 10w30, so Today I drove from home to Hollywood and back (About 64miles) and it was smoking after idling at stop lights through first and second gear, but not at idle, you could smell the oil though.
"BARE WITH ME"
So I went out (suspecting bad rings or valve/valve seal) and rented a compression tester and it wasn't good. 45-50-50-50

now I dont wanna scare myself because well let me explain. The rings are only a couple months old and she is my daily driver, but the car was running good, seems to me with compression that low the thing would stall out and run like crap but everything seemed normal while driving today aside from the smoke. When I had the motor rebuilt I took the head and got a valve job done and I haven't had a valve adjustment yet. Another important detail is I examined the inter-cooler pipe and there was gray oily sludge in there not a whole lot but it was wet (not running a catch) and I just replaced the PCV around the new year, also:
Cylinder #1 - 40-45psi
(Spark plug was white)
Cylinder #2 - 50psi
(Spark plug was white but had the same gray oily sludge the intake had on it)
Cylinder #3 - 50psi
(Spark plug was white)
Cylinder #4 - 50psi
(Spark plug was white)
So...
Bad rings? faulty pcv? Stuck valves/seals? Oil too thin? Oil passing though the intake?