Good morning.
The lack of oil will cause the smoking. It could be from the lifters themselves having dirt or debris in the lifter.
You could try flushing the oil system. You can use a product called Sea Foam. You add it to the oil, run it at idle for about one hour and then change the oil/filter. I would repeat this a second time as well. That may get the dirt out of the lifters.
Yes, the PCV valve should sound like a loose part inside and no, it will not cause this issue.
If that does not resolve it, the lifters will have to be changed. It would be recommended to replace all the lifters at once.
Roy
The hydraulic valve lifters are simple in design. Readjustments are not necessary and servicing them requires that care and cleanliness be exercised in the handling of parts.
Disassemble and Assemble:
1. Hold plunger down with pushrod and, using a small screwdriver or awl, remove plunger retainer.
2. Remove parts from lifter body.
3. Clean all parts and inspect for damage. If any parts are damaged, the entire lifter assembly should be replaced. The inertia valve in the plunger for rocker arm lubrication should move when the plunger is shaken.
4. To reassemble, invert plunger and set ball into hole in plunger. Place ball check valve retainer over ball and on plunger. Place check valve retainer spring over retainer. Assemble body over plunger assembly. Turn assembly over and install push rod seat. Compress plunger with push rod and install retainer.
5. Compress plunger to open oil holes and fill plunger with engine oil. Work plunger up and down and refill.
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Tuesday, May 29th, 2018 AT 6:10 AM