coming out of the valve cover breathers?

No...but blow by will

What color smoke??

whiteish/ grey

if it's blow by does that mean the motor will need to be rebuilt?

Depends on how bad it is. Do a leakdown test & the results will give you your answer

other than the smoke from the breathers the engine runs strong. Supposedly 40 hours on a rebuild.

That is oil and it does not have to do with being rich. How bad is it pumping out of there? just slightly or like Mt. St Hellen's?

Roby

Roby, it's coming out of the breathers steady but not like mount st. helens.

Are you using oil? an internal water leak will carry water out the breathers once the oil temp gets up to 212F. To check the rings, do a leak down test, any engine shop can do this. It will indicate condition of rings and valve seats. Running rich a lot causes excessive piston/ring wear.

Mark