I see a small amount of whitesmoke coming out of the breather caps on the heads what kind of probs would i be expecting?

 

bad head gasket? You have moisture in there somehow. A little bit of smoke is common but you really have to look. If you can blatently see smoke cpouring out, you've got yourself a head gasket problem or worse, cracked or warped head.

 

Wow thats actually some good news, even if it is a warped head. The reason I say that is because I thought I was going to have to buy a new shortblock. If it is a head gasket would it be bad if I drove it like that (long term)? Any advice would be helpful.

 

uhh yeah! water mixed with oil on your bearings is never a good idea. I never buy a car where the owners says, "all it needs is a head gasket"....YEAH right!