XJ?2010

Just picked up a 1987 MJ with a 4.0L. I have a 2000 XJ on 35's that i've had for a few years so im use to 4.0's but I wanted some opinions. I was driving it home from where I bought it and i noticed a lack of power and then the motor cut off..the gages dont work so i dont know how hot it was but there was smoke coming out the valve cover, intake, and dipstick. I looked at the coolant...DRY so I added some and it cooled down. Thinking I had fixed the problem I continued and sure enough I got up to speed and more smoke. Pulled back over and went for the air filter. and sure enough it had oil on it. So i decided to tow it back. After getting it home I looked at the exhaust coming out the tailpipe and sure enough its burning oil. My thoughts were PCV valve cause thats common on 4.0's but do you think i have excessive Blowby? The motor has 160K on it. Any thoughts on where to start?