Didn't want to start a new thread so reviving this one.
I have a 1994 EG5 on 220xxx kms. It's currently blowing blueish white smoke + oil + fuel when I rev it past 6ishy RPMs. No smoke at the lights or normal driving.
So far I've done an oil change and ran a compression test, it returned 170 180 170 180, through a bit of research it seems I'm likely looking at worn piston rings and blown headgasket??
Nevertheless I'm all ears to opinions, this car is intended for the track, I really only bought it for the chassis (intending for a conversion) although it would have been nice to get some track time with the D series, I will weigh up how much it will cost me to fix and see if fast tracking the engine conversion would be the more economical solution.
Here is a pic of the blood swear and tears leaking from my eg.
http://img90.imageshack.us/img90/546/20121207195840.jpg