White/gray smoke isn't a sign of oil burning, it's more likely to be a dirty or worn injector.
When you're giving it a lot of stick, you're greatly increasing the pressure inside the crankcase and of course there's a heap more oil floating about. My guess is your oil is being passed out through the PCV and into the intake manifold.
You could fit a catch can to it, which is a reasonably good investment no matter what. You could also warm the engine up and just take the PCV hose off, give the engine a few good revs and see what comes out. Just don't stare into the hose or point it at anyone.
Excessive blow-by is generally a sign that piston rings aren't doing their job properly. Wear can cause this, as can the rings gumming up - and poorly aligned rings. Piston rings are not complete circles, there are small gaps, and the gaps have to be staggered around the piston so that there's no clear straight path for the combustion gas to go straight past the piston.
You still have some inexpensive options available to you to try and resolve the problem before panicking about the engine.
