I recently fired up a Chevy 427 for the first time since it last ran in '94. It's been sealed, filled with oil since then. We sprayed WD40 in spark plug holes and hand turned, changed oil and filter prior to firing. After start up it runs fine, no skip, but rolls white smoke out of driver side header and when we pulled #7 cylinder spark plug it leaked oil out. Also when we checked the dipstick oil was milky and it had used at least a quart. Oil was on floor under left header and dripped out after we shut it off. It filled the shop with white smoke. I would appreciate any advice trying to diagnose the problem. Our prognosis is a leaking intake gasket pulling water from jacket and oil from the valley. Any ideas? Thanks.