Ok, on startup it blows out a big cloud of smoke. I think it is blueish indicating oil leak. Well when I was driving on the interstate today at about 75-80 mph and let off the gas I could smell something. I thought it was the smell of oil but it could have been coolant. I am not exactly sure. When I let off the gas the oil pressure gauge fluctuates too. Any ideas?

 

Sounds like your valve covers leak oil onto your exhaust manifolds, and you're low of oil (well your car is anyway)

Put a new set of valve cover gaskets on it and fill it up with oil

 

That is what I was thinking also, but I see no oil leaking anywhere around the valve covers. In fact I see no oil leaking anywhere.