How is the oil consumption? Or is it making oil and now overfilled?
Be sure the oil is good, not fuel diluted, or overfull (it can also overfill from hydraulic oil if there is a gear driven pump, or the wrong dipstick). Oil dilution is usually an injector problem, pump seal leaking, or the lift pump leaking into the crankcase if equipped. There can be other internal fuel leaks depending on the design.
No load oil burning smoke is usually valve guides IF there is enough oil up top to run down the guides.
I assume this is not a turbo, but if it is the seal can be leaking.
Oil rings can be bad and still have good compression to start easy, but bad oil rings will cause oil consumption, and smoke worse under load. Bad rings are usually a gradual change, if this started suddenly without loss of compression or performance I would not suspect rings yet.
I'm only using generalizations, your engine may have a specific quirk that I am not familiar with, so maybe someone with direct experience will come in.
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