How long has it been sitting? How old is the motor oil?
I would put in fresh motor oil and some seafoam in the crankcase oil and in a full tank of gas and run it. One tank of gas will tell if it needs rebuilding or the stuck rings will loosen up and reseat. Your talking blowby from the breather and not blue smoke from the exhaust right?
Using seafoam has saved me a lot of work and money so far. It has solved most of my engine problems with blowby and rough running engines. Its no rebuild in a can but it loosens up stucki piston rings and sticky valves. Its also a fuel stabilizer too, so i put it in every fall too.
Ralph on the opening page has engines if you need one.