Engine Smokes...

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Could be sucking air into the intake valve ports through the lifter valley. That's if the gasket isn't seated properly. Did you change anything else when you changed the intake gasket ? Pull the plugs and check to see which cylinder is burning oil.
 
My brain was stuck on 5.0 motors. Lol. The intake gasket on a 4.6 won't make it smoke. The pcv valve is in the valve cover on the passenger side ( I think )
 
PCV on the NPI 4.6 is on the cam cover. Are you certain is blueish smoke and not white? Car using oil? I would think if there was a issue with water getting into a cyl from the water ports you would have a miss-fire but it's unlikely to happen.

The NPI 96-98 4.6L had issues with valve seals. I had a 96' GT with the exact same issue.The thing here is that I did not notice it until after I had installed a off-road mid-pipe. It generally smoked from acceleration from a stop sign or stop light and consumed way to much oil given the mileage. After I swapped the engine out for a full PI engine I replaced all the valve seals with the engine on a stand and sold the engine to one of my sons friends that needed a replacement engine for his F-150 and that engine never smoked or consumed oil again.

You can pull all your plugs and find which cyl is the worst. For me it was the #8. The plug was always oil fouled. Some people have changed the seals with the engine in the car but I sure wouldn't want to.
 
The 4.6 in my 96 gt is now using oil at a pretty good rate, (out the tailpipe) the only thing is that it was fine before I changed the intake gasket and changed oil!
intake change?? Why was the intake changed in the first place?

Sounds like your intake isnt sealing and coolant is getting into the combustion chamber.