01 Honda Prelude Pressure/smoke from valve cover?

I'm looking into buying a prelude, car is a 5 speed, 178k miles, it runs good has a little miss and kind of sluggish when taking off, above 5k Rpms runs strong when vtec kicks in, I took on test drive and smelt something kinda of burning oil, stopped and took off oil cap and a lot of air was rushing out with a little steam or smoke with oil smell, was not blue or white smoke, no colored smoke from tailpipe after warming up, i have read that this could be Pcv valve or worn rings and this is blowby, is this a reason to not buy this car? Give me you advice, before i buy I'm going to run a compression check on each cylinder, what are things I should look for?