gas smell in oil

[HP Man]

Air leaking into the valve cover means a leaking valve, possible carbon not allowing the valve to seat. Air leaking into the crankcase means rings leaking. I would worry about the bottom end lasting on a high mile engine, especially the #2 or #1 rod bearing. Probably some valve guide wear letting some oil into the combustion chamber causing it to Puff the Blue. Magazine, high mileage TR Cars they tested did spin a rod bearing or worse. If you plan to push it hard then definately rebuild the engine and install some updated parts. GL Gene