I did not think about that, could very well be it

 

+1 with Uber.
You might want to change the PCV valve and possibly add a "catch can" between the PVC valve & intake fitting. At WOT you may be sucking oil thru/past the PVC valve.
This is an inexpensive thing to try.

Depending on where the intake end of the hose is plugged in could explain why the smoke is only on one bank.
Start with the easy stuff before assuming it is in need of major engine work, you just might get lucky.

Valve seals/guides are "usually" both banks equally, as well as heavy blow-by.
Head gasket issues are one bank.
Broken rings are one bank.

Doing a compression test will tell you a lot, and maybe eliminate a lot of possible issues.

 

to rule out worn rings do a compression check....real easy. just make sure your weakest cylinder is within 25% of you highest pressure reading. if it is then your doing good there. i mean 130k isn't that high mileage, but its when things start to get alil loosey goosy

 

Thank you very much everyone, I took you guys advise and changed the PVC valve yesterday and will check for smoke in an hour or two and if it's not that then I'm going 5.4 anybody know if the stock auto tranny is a direct bolt on

 

As others have said, if it's just a little blow by, a catch can would remedy that. Our billet catch can is only $89 with a Lifetime Guarantee if you use the mf.com discount, and it's very effective at catching the oil vapor. http://www.uprproducts.com/mustang-b...erator-79.html My '06 GT was occasionally puffing smoke at startup, but that went away after I installed a UPR catch can on it.

Regarding the 4.6/5.4 swap, I believe the tranny bolts on the same, but I'm not positive.

 

Looks like it's time to go 4v anyhow, haha. But seriously, good luck :/

 

I am having a similar issue with my 06 GT so please keep posting updates. Light blue smoke at high RPMs WOT. Have also heard ticking sound at the same time, not always though?

 

if it only happens under load its prob gonna be rings bro. You losing any noticeable oil?

 

No, but my oil smells like fuel.

 

You have a leaking injector. Change out the bad one soon, running fuel/oil in crankcase motor wont get lubrication properly and boom new motor time.