Do you have vacuum at the fuel pressure regulator?
Is there oil in the pleated intake tube?
How cold is it/does the ECT check out after wiring fix?
If the oil (white smoke) is not leaking internally (rings, valve seals) it is probably coming from the PCV system. Oil can get sucked in through the PCV valve, or blown through the fresh air hoses back to the intake. You can try removing the PCV valve and plugging both hoses as a test. Also check the PCV hoses for damage. If the engine has been overheated, burnt oil can plug the oil separator (under the upper intake) or the oil return galleries in the heads. this can cause oil to be sucked into the engine in large ammounts. Look for crud buildup on the heads, it may be visible through the oil filler cap.
Gas in the oil can be caused by leaky injectors, an ECT that reads too cold, high fuel pressure, bad O2s...
