if the engine is worn out, that is what you call blow by - compression gasses blowing by the rings. Only solution is a rebuild/replace - hone or machine out the cylinders to true round again and oversized pistons, new rings, etc etc.... or replace the motor with a lower mileage donor in better shape.
PCV valve would be one of those other causes (blown gasket, etc) that would at least keep the motor salvageable without rebuild.
If it only does it stone cold and goes away as it gets hot then it is more likely rings. Some other basic diagnostics to help you decide if it is time to pull the motor - compression test, leakdown test, what is the oil pressure (real oil pressure with a mechanical gauge not the centered needle on the dash).