My 3.4l camaro is putting out blue smoke that smells like burning rubber,from the rear left bank. No check engine light has come on. It feels like it is misfiring, and is ideling at 500-700rpm.(but is not surging) It is also making a low hollow sound,and is not making any power. When I hooked a vacum gauge up to it it read 17hg. When bumping the throttle the needle falls to 0 then goes to 25hg and takes about 3-4 seconds to fall back down to 17hg. It also has good exhaust flow. Need help desperatly. any suggestions to what it might be.

 

Is it comming out of the tail pipe or is it being burn off the exhaust manifold itsself? blueish colored rubber smelling smoke is oil being burnt, but you need to figure out where its comming from before you can fix it.