I have searched the forums and found this to almost match my problem. http://forums.toymods.org.au/index.php?t=msg&t h=35780&rid=8103&S=afa9df8f0d816b1178d1d3b 708755b15&pl_view=&start=0#msg_317932
My 1G is puffing blue smoke. It started 2 years ago, and now its pissing me off. When i start the car it puffs blue smoke and then went away once the car got to normal temp, but now when running at normal temp if i rev it, it also happens(notice it when idle). It uses a bit of oil (Mobile the one with gold lid). And just changed the oil it looks just like normal used oil.
Is that the stem valves really gone?