I agree, if oil is dripping...that's a lot of oil. If so, there'd be a noticeable drop on the dip stick. The smoke, was it blue-ish or white?
I don't believe the L-head has oil passages through the head, so I'd wonder if the smoke is water (white) and you should see a lower coolant level in the radiator. Or as mentioned, that coolant may be making its way into the oil pan.
It can't hurt to detach the PCV valve from the intake to see if fluid comes out but I'm guessing not.
It's easy to jump to conclusions, but more helpful to walk through a few steps to see what you're experiencing.