k9ulan

When i got this car (61 F-85 2bbl) it ran crappy but didnt smoke or anything. I replaced all of the ignition parts, now car runs good and smooth but smokes like a train after warming up. Like its sucking tranny fluid thru modulator valve, but since it doesnt have one, maybe pcv valve..does it have a pcv valve..I dont see one. Any other Ideas..besides rings or valve stem seals or scored cylender walls? Thanks