it seems to me that if oil is passing the seals, it'll seep thru the guides/valve stems and be burned in the exhaust directly |removethispart|@ exhaust valves and thru the combustion chambers |removethispart|@ intake valves.
at idle this would tend to build up until acceleration.
if the seals are bad and the guides are real worn, it'll smoke like crazy.
i think.
richard

Seems like you guys are on it.  smoke at start up is valve seals, vacuume is highest at idle and 100% load (top speed drag limmited) about 18 "hg.

A plugged EGR will cause oil to push most every where; rings, seals, and valve seals.

Rings will cause smoke under accell and plug cats and EGR's.

It seems you guys are forgetting that although absolute manifold vacume is highest at idle the venturi effect of higher intake speed at higher RPM can cause a higher realitive manifold vacume at the valves.

If when you did your compression check you didn't squirt a little oil in the cylenders you should check and compare. Goes like this, for each cylender take a "dry" compression reading then squirt a little oil down the spark plug hole. the more significant the change in readings the worse the condition of the rings.
Valve seals are cheap but labor intinsive.                                             NMc

Thats funny, my vacuum is highest at deceleration. 

the oil /compression test is good for seeing if your compression loss may be due to burnt valves.
or miss-seating(bent) valves.
compression ring failure will  probably go with wiper ring failure, making a smoky engine all the time and more blow-by.
overhaul time, thats for sure.
i expect to experience it.