Top End Rebuild? Or time to find another engine? Blue smoke after WOT 2005 E55




Just crossed 200k. It's done this for years but really only ever did it like once a year. I always assumed it was PCV related or maybe bad valve seals. But now it does it several times a day.
Symptoms:
After a throttle situation (sometimes after WOT sometimes after a moderate push just to merge), after I've released the throttle to slow down or cruise it will wait a few seconds and then bellow blue smoke out the exhaust. It covers the rear of the car in a fine mist of motor oil.
For the last few months ive had a p0410 code and I think the secondary air injection pump is fried. Replaced relay and it fixed nothing. I haven't heard the pump run in months. I'm fixing this soon, but as it didn't really affect anything except a CEL I've ignored it.
The weird part: the thing runs like a top. It doesn't act like it's lost act power. It doesn't misfire or throw any odd codes. Just this morning I smoked a coyote mustang with ease (that's a double entendre)
I still hold out hope the rings are fine, and that I'm really just in need of valve seals. Or I'm super lucky and it's just the p0410 exacerbating a crank case vent situation and possibly a bad purge valve but I'm considering this the least likely explanation.
Thoughts? Should I just start looking for another motor? Someone on the Facebook group has me pretty spooked that it's the rings and my only hope is to switch to 15w50 with some marvel mystery oil and wait until it gives up the ghost. But it's not lost any power which makes me think compression is still good and the rings are fine.



