Head gasket or intake manifold
 

I bought my son his first car,was looking at getting him a v6 to fix up but come across a deal I couldn't pass up.A 95 z28 already has the tall wing ,ground effects,shaved door handles,aftermarket wheels great leather interior for $1200 (got it from the back lot at a car dealer).The bad,,the dealer said the guy told him he was going down the road and noticed it started running hot and had a miss,drove straight home that day and a couple days later traded it in.I looked at the oil before I bought it and it looked fine drove it home with the miss and it did get hot on me ( 10 mile drive home).I assume head gasket or possible burnt valve.On the way to my in laws home to use their garage 5miles away it died and had it towed.It now has milky oil.I started on replacing the head gasket but noticed quite a bit of oil in the intake manifold.Would it be a lower intake gasket or was I right about the head gasket.When it ran there was a faint white smoke from the exhaust.I have not pulled the heads yet but I have everything else off.Please any advice would be great.

Well in order to replace the head gaskets, you have to replace all the intake gaskets. So I'd say stick with tearing it down to the block and replace the head gaskets. It sounds more like a head gasket issue to me. Just put all new gaskets in from the heads up. Make sure you drain the oil ASAP! You don't want milky oil on your bearings, or you'll be doing a full rebuild in your near future.

Coolant doesn't flow through the intake on the lt1. Instead it has a steam line that runs across the back of the heads. Id say it has a blown head gasket. when you get it back together put fresh oil in, than drive it for a day and change the oil again. You want to get all that milkshake out or you'll fry the bearings. I'd also replace the water pump, there like 30$. You don't want that leaking on the opti.