Remove the rocker arm shaft assembly from the driver's side head and check the oil distribution hole on the head itself. Unhook your ignition, crimp your rubber fuel line and turn the engine over with the starter to see if any oil will come out of that hole on the head. If there is oil flowing out of that hole on the head, then your problem is with the rocker arm shaft assembly. It will need to be disassembled and cleaned out. If you cannot get oil to come out of the head, then you will have to clean out that hole. Some fellas use a coat hanger to get it started, but there is a pretty wicked "jag" where the head meets the block. Sometimes this is plugged. If you search on this forum you can find some ideas about using a grease gun to unplug it, etc.
Let us know what you find.
How is smoke coming out of the valve covers? Is there a breather on the valve covers open to the air? If not, there may be some oil weeping out of the lower side of the valve cover gasket and then falling on the manifold flange causing the smoke.
Got any photos of your motor? sometimes that can help us give you ideas too.
Daniel JessupLancaster, California
aka "The Hot Rod Reverend" 
check out the 1955 Ford Fairlane build at www.hotrodreverend.com