2005 f225 BLOWING OIL OUT EXHAUST AND INTAKE?

It starts and runs smoking a little but once I take it out of the dock it starts smoking excessively at exhaust and also pushes oil out the intake? I have a Merc mechanic friend who is going to do a leak down test on it tomorrow? It has about 1500 hrs and almost half that is less than a thousand RPM. Is there an oil pressure valve on this engine or is it definately valves or a piston?

[boats.net]

Leak down test will tell you if there is blow by past piston and rings.