1983 300D oil on piston

hopefully this isn't a double post.

I have apparently 184k miles on a recently bought 300D. It pours out bluish smoke at start up, maybe some whithish mixed in but it's hard to tell.

It bellows out smoke on freeway at full throttle but not really any noticable smoke at constant speed. When i get off the freeway after ~30 miles and idle for a very short time (several seconds) it leaves a smoke trail as seen in rearview mirror and headlights.

I put 1000 miles on it with no noticable oil consumption. At 500mi I put in some oil treatment for smoke, still no noticable oil consumption or reduction in smoke.

It has a "sound" that coincides with engine revs. One mechanic said it is probably a broken bolt at the AC pump as evidenced by the belt movement..looks really loose and moving around under idle. I did a quick check but didn't see anything. he says to drive it and keep an eye on oil usage (fix any broken bolts too).

Mechanic #2 pulled nozzles and indicated oil on top of #2 cylinder. He replaced nozzles but still oil in #2. Compression was checked and all cylinders at 341 to 354 psi. He says the sound is "piston slap" ie oil on cylinder causing the piston to go out of alignment during its stroke. He recommends rebuilding the engine...but that it would be no issue to drive it as is.

i also read about the head gasket as a possible cause of oil in the #1 cylinder due to its thin construction in this area. Not sure this applies here.

The tech help indicated rebuiling the head could make things worse so was looking for some feebback on causes of smoke with little oil consumption, recommendations on a fix.....Thanks!

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