So, is my engine toast?

[FIREMN]

87 924S manual
Starts and idles fine runs good..then
As i start to speed into 4th or 5th gear at about 4-5 k rpm. huge cloud of whitish smoke. Enough to hide an infantry!!!
I back off and it goes away. Now as long as i dont push it hard, i can go all the way up the power band.
Headed home, oil at 1-2 bar..start to get the oil light at idle.
Temp starts to rise, but this may be a separate fan relay issue..but probably not.
Make it home ok, about 2 miles.. oil light just flickers. Engine doesn't get overheated.
In the garage..
Coolant level is still good, good color, no milk or rust color.
Oil looks like oil...Maybe a little thin, but i am predisposed to a problem so maybe this is my imagination..Oil level is to the top of the indicator on dip stick, so oil level is way good..It seems to have gone up.
Using an older compression tester that was inserted finger tight only..it may not be 100% accurate or have sealed completely but,...all cylinders were at about 105. only a few psi variation..I however forgot to have the throttle at wide open.

Now, shouldn't the compression be about 180?

So, i was initially thinking HG..but with the comp being even and the coolant not mixed...is it possible that the valve guides or rings are just worn enough to let the oil blow by at higher rpm?.
lately i had been diagnosing a no start issue. Is it possible that the cylinders got washed out with fuel. But, why low oil pressure? blocked passage or pump issue?
Do you think i could or should try one of the oil additive products to try and restore it a bit? I have never used any of those before.

So, should i just change the oil and see what happens?

I was suppose to sell it this week. So, obviously I am not going to continue the sale.. until i know exactly whats going on...

thnks again folks.
I really appreciate the input!!

[9FF]

Your headgasket has blown a hole causing coolant to get into the oil. White smoke is coolant burning off, oil level higher is because it has coolant in it.

Don't run the car anymore or you could cause irreversible damage!

To repair you need to replace the HG, rod bearings and clean out the oil cooler assembly. So as well as a head gasket set and rod bearings get new oil cooler seals and a sump gasket kit also.

Search for "milkshake" for more info. GL