I have an embarrassing amount of smoke at start up with my iroc. And while driving I can smell a little bit of oil but it smells more like its running rich. It also seems to smoke a little when I manually downshift my auto trans, as i've been told this by the my buddies that drive those POS mustangs.

But anyways I pulled the plugs and they were black with a little charcoal like buildup and dry as can be. So then I also pulled the valve covers off. The rockers seemed a little loose, I could wiggle them with little effort. I am just wondering if this is normal and if that could be the simple cause of the smoking. I understand that none of you are here to look at it but just curious if it would be a possibility. Thank you for you help!

 

It's normal to be able to wiggle the rockers sideways. Try replacing your valve seals and see if your blue smoke on startup goes away.