Ring Blow By

[MustangLover42]

Hey guy I'm new to the forum here and hopefully I'm posting this in the right topic. Anyways I recently bought a 03 mustang gt and have noticed that I have some piston ring blow by. I notice when I start my car up it smokes initially and when I rev it up it does the same, I can smell oil pretty bad when I rev it. I'm new to the whole car thing so I apologize if i sound dumb but how much horsepower am i losing? I plan on rebuilding the engine this winter and getting new rings and heads for it anyway. Will it be good if i wait that long to rebuild the engine? Thanks