MK1 NA odd Smoking Problem

[Crash Johnson]

I just bought a 86 MR2 Mk1 NA and it seems to run decent but has issues with brakes and some electrical. the car sat for some time before me and a friend got our hands on it and replaced plugs wires, battery, slave cylinder, fuel pump and rotted rubber gas hoses for the tank to get it running. The car starts, runs, idles alright but smokes. Smoke is greyish and doesnt smell sweet or like oil burning. if I unhook the hose from the valve cover going to the intake it pours this smoke out of it and idles better. if I hold my finger over the hole it will build pressure in the valve cover until I release my finger. I would imagine this pressure buildup is part of my leaky oil seals problem. The other end of the hose going to the intake does not pull vacuum tho. figured it was some sort of PCV system but I cant find a PCV valve on the engine either. anyone else ever seen this issue or know what causes it? Hoping its not bad rings but with 140k on it I wouldnt be suprised. also was thinking cracked head but it runs too good for that I believe. Thinking about just leaving it unhooked and sein how many people try telling me my car is on fire but that would get annoyin after a while.

Thanks in advance