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I've just acquired a Vette that hasn't run in 10 years. Recently I've have been taking it out just for rides in my neighborhood, but there is a lot of smoke coming out of the exhaust. I have been checking the dipstick and I can tell the oil level has dropped. There has been less smoke coming out since I have been driving it, but when I rev the engine a lot of smoke comes out. Any one have any ideas as to what could be causing this? Could the problem be a piston ring or valve? Also what would be some good tools to get for engine work, and diagnostic test. All advice would be greatly appreciated.
i'd bet its the valve stem seals. i recently had the same problem. my '79 had been sitting for 11 years, and as I started driving it again, it got smokey. Eventually, smoke just came pooring out even at idle. Valve stem seals in corvettes tend to wore out pretty fast. I just changed the valve stem seals in my vette but havent started it up yet.
Step one would be to replace the valve seals. This can be done with the heads installed. If this doesn't fix the problem you may have stuck piston rings. Sometimes they come free by themselves after a while.