Coming home last week from taking a ride along the beach, the weather was perfect for a nice cruise. Right near where I live is a place to open it up, so I did. When I backed off the gas ( 5 sec. ) I noticed smoke coming from under the hood. I pulled the car into my driveway and noticed oil had been pushed out the breather cap and the pcv gasket and was all over the exhaust manifold ( headers ). Took a look at it today and there is a leak somewhere underneath because I can see oil driping down the oilpan onto the floor when the car is running and even at idle there is oil coming out of the breather and pcv grommet. The engine actually sounds fine but obviously something is causing this. Any thoughts before  I get further into this would be appreciated.

Two quick ideas...
When you nailed it, it may have blown a VC gasket, or a vacuum line somewhere. On any engine, but especially a blown one, when you go full throttle, manifold vacuum is non-existent. This may have caused enough pressure build-up inside the crankcase to blow a gasket out somewhere. It may also cause the pcv valve to come out of it's grommet.

Second idea...you may have popped the end gaskets/seals on the intake.

If you can't hear any unusual nosies, and the engine isn't missing, I'd think you just have a blown gasket at one of the valve covers.
You say there is oil coming out of the breather and pcv grommets while the engine is idling...do you mean actual, liquid oil, or just a vapor/smoke?

Joel,

The vapor is so heavy that it is actually pushing oil out. Do not see any oil on back of intake, but I will check with engine running. Would just having a blown VC gasket make the vapor heavy or is that indicative of maybe a vacum leak somewhere?

Scott, the engine has to be "sealed" well in order for the PCV system to work properly. If there is a leak somewhere, then it may not let the vacuum from the PCV system fully evacuate the normal blow-by.( In newer cars(and even some of the older cars), if the dipstick is not fully seated, it will cause the engine to basically have a vacuum leak.)
If your engine is spitting out that much "pressure" for lack of a better term. I'd be concerned about an intake leak...
With a blower, if one of the intake gaskets blows/slips out of place, the pressurized air will now be going into the engine crankcase, and that could definitely cause that much pressure inside the vcovers and such.
You might try this...take the blower belt off, and start the engine. See if it still has the massive blow-by out of the grommets then. If it doesn't, then I'd suspect a blown intake gasket.

Will keep you informed, Thanks as always.

Bad news! I took off the blower belt and the smoke dropped noticeably, I was encouraged. Then I did a compression test and all cyl expect #1 were 150, number 1 was 60. I guess I blew the compression rings??

Nope,  It is probably the rings.  Excess pressure in the crank would cause the problems.

[QUOTE=scott78]The engine actually sounds fine but obviously something is causing this.[/QUOTE]
With that low of compression, I would think it would have a pretty bad miss...


You may have damaged the rings in that cylinder, for sure, or...you may have burned a small hole in the piston. Could also have broken a ring land on the piston...so many bad things could have happened.
Do you know what kind of boost you're running on that thing? Was the engine built as a "blown" engine, with the right compression, and parts such as pistons that would survive the higher pressure/heat from the blower?

I did not build the bottom end, supposedly .60 over 427 stroked to 468 with 9.25 compression. I had the heads redone, valves and seals about a year ago, new cam ( mild-compcam 270h? ) new roller rockers, new lifters and push rods, new carbs,  I am only running a small amount of boost. Could it be a valve issue causing the oil leak ? I ordered a leakdown kit to check it out. My understanding is if I have an open valve ( exhaust or intake )you can get similar compression results ?? The car when running in neutral even pusing oil did not have a miss at all, very smooth??