Well I want to make an update to this thread for the record books.
I haven't been on here in a long time, but my Supra is my daily driver.
Several months to maybe a year ago I noticed some occasional smoke from the tailpipe. It has since gotten gradually worse. It smoke relatively bad now, usually a big puff after decel and after long periods of idling. There is oil getting directly into the combustion chamber and I had the problem narrowed down to either worn valve guides/seals or piston rings, but it was a crap-shoot. A bore-scope showed oil around the valves but was difficult to tell if it was significant.
Good compression and leak down results pointed me towards the guides, so I pulled the head and had the entire head rebuilt. I even used OEM Toyota valve seals this time around. Several guides were out of spec, but not by much. Had all the guides replaced. Here's some pics of the process.
As you can see the pistons are soaked with oil. Unfortunately the cylinder head rebuild made no difference on the smoking problem and after pulling a plug the pistons were soaked with oil once again. Cylinders 3&4 are the worst, but all cylinders are getting soaked.
The clean edge of the pistons tells me that oil is getting by on the thrust sides of the piston, by the rings. I was unable to find any damage to the cylinder walls or any detonation damage to the Wiseco pistons, so I am unsure whats wrong here. Either way, a tear down will be needed. I dont have the resources to do that for a while, so I will be limping it along for another year most likely.
I should add that the car has no symptoms other than oil consumption and smoke from the exhaust. It runs and drives beautifully and has lots of power. Perfectly smooth idle as well.