Blue smoke

[Ibr8k4vetts]

pull the spark plugs and if the number 7 plug has oil on it I would bet its intake gasket is bad on the bottom of the port.

[HSSS427]

On the dip stick, it kind of depends on how it's mounted and installed. Generally the orientation of the stick shouldn't matter - what's important is that it's seated all the way down in the tube, and it was set-up to measure accurately at that point. If you're overfilling, the oil level could be high enought where the crank will start "frothing" up your oil. Typically a windage tray in the pan helps prevent that, but if the oil level is above the tray it doesn't help much. If it's reading too low, then obviously a different problem.