Gotta wonder if it didn't overheat before, have you compression tested or performed a leak-down test?
My guess is either bad oil control rings/ring packs, PCV issues in past?, burned/bent exhaust valves, perhaps timing belt/timing in general got off some??
My guess is either bad oil control rings/ring packs, PCV issues in past?, burned/bent exhaust valves, perhaps timing belt/timing in general got off some??