My motor is smoking!

Yep, composition gaskets are generally better. Or at least I've had better luck with them anyhow. Give your intake a re-torque, and try to determine just how much oil you are burning.

If you got no crankcase vacuum, then either you are on the right track with the worn ring theory, or your PCV system has issues. I know you put on a new PCV valve, but I've had bad ones (esp FRAM) new.