Recently, the 271,00-mile 5.7L TBI motor in my Olds Custom Cruiser wagon suddenly developed a propensity to smoke heavily but only under deceleration when the throttle was completely lifted. Stumped everyone locally and on the forums as we eliminated various causes. Turned out to be a head bolt adjacent to cylinder #7, located next to the valve spring, that broke flush with the deck. It not only created an oil path under the bolt head but unloaded the head gasket right there allowing oil to be pulled in under high vacuum. :|
As others have said, some diagnostic time to eliminate causes and hone in on the real culprit is always the order of the day. Good luck with it.