That may not be a very good sign...
It is possible to have blowby from exhaust valve guides, but it's rarely enough to be noticeable. The only other thing that would cause that is a broken ring.
Check your PCV system, make sure it's working right. If there's plenty of suction getting through the PCV valve, and even with it hooked up it still puffs smoke out of the crankcase, your motor may not be long for the world. I would certainly not run it until that is fixed because if a ring is FUBAR it can tear up the cyl wall, and then you'd have to bore it to fix it. Not fun at this point. Disassembly and all that is not fun, but a return to the machine shop and purchasing more pistons is even less fun.
------------------
"So many Mustangs, so little time..."
ICON Motorsports