99 mercury 150 efi oil questions

Well, I have a 99 merc 150 efi that I had a hard time getting to run before, now that is cleared up now the engine smokes like crazy. Gives off a lot of oil when running into a bucket. I have noticed when I take the air plate off at the intake there is oil that wants to accumulate at the bottom there. I have tried disconnected the oil pump and running premixed 50:1 and with oil pump hooked up, always smokes like crazy like I am burning too much oil somehow. Reeds look good, compression looks good. Any ideas what could be the problem. Also, I dont really understand the bleed lines that connect near the reed valves. Those lines seem to accumulate oil as I can see oil pass through the lines and back into the vst. If anyone could explain that system to me it might help. Also, there is a larger line at bottom side of the block that is currently capped off, should line vent. I assume it is for block pressure to pressurized an external oil tank but I am not sure. Should oil be vented through that line? It seems the bleed system collects unused or extra oil and puts it right back into the vst? Any insight would be great! Thanks again

Re: 99 mercury 150 efi oil questions

ok, I uncapped the bottom crankcase pressure line and ran it. Instead of oil and crankcase pressure coming out of there like I would of thought, it is a milky gas and oil mixture. I feel pressure pulsating in the line as the motor runs, it just spits out that oil and gas mixture. This does not seem normal to me as if this is supposed to pressurized an external oil tank why would a gas mixture be going through that line? Thanks again.