It does smoke but mainly from cold which I suppose is condensation build up as its left standing now and then. I've had an 8v before and this was very smokey especially when you gave it a bit if welly. I'm getting no excessive smoke when I acceleratE either.
condensation/steam out of the exhaust on cold mornings aint smoke, you are looking for blue smoke but if you are seeing none then id be inclined to leave as is and just do the cam cover gasket and any other gaskets you fancy doing bar splitting the head from the block
if you brim 16v's with oil then they all tend to burn a bit hence run them at halfway.
get a mate to follow you as you boot it down the road, and then coast down on overrun then floor it again. he'll be able to see does it smoke on acceleration/deacceleration as its not always easy for you to see out the rear window for it unless its really bad
but the fact you are getting 230psi shows the engine is very healthy