About to give up: Smoke, low oil pressure...ARGHHH

[wildrage]

Long story short-

Had small amount of smoke coming from rear of engine, so replaced valve covers and gaskets, as well as HCV valve.

...still got smoke.

Last weekend I pulled intake, valve covers...everything...and checked oil cooler cover. Although there,was some orangish dust around, I couldnt' find any leak...bone dry..I attributeqd the orangish dust to when my radiator hose blew and squirted coolant all over the engine bay.

I inspected and re-seated valve covers just to be sure that it was done right.

Breather system has been cleaned.

I started up the car yesterday and it ran fine....got about 10 miles from my house and I'm getting even more smoke. I turn around to go home, and now the Oil Pressure light is flickering when I'm at red lights. I still have oil pressure, but its flirting with being too low when at idle.

I just don't know what to do at this point...I'm considering just givign it to the mechanic and praying

Any ideas?

[wildrage]

UPDATE:

I thought I would go to change the oil and I found oil dripping from under the car...sort of from the front driver's side area on the oil pan. You can see it on the electrical connector in this picture...Could this be from the valve covers, or something else?

http://www.jamesdelacruz.net/oil1.jpg