New Volvo owner with a fixer upper - seeking pointers

[UltE]

Greetings All!

New to the forum and typing on my phone so bare with me

I picked up a 2005 V50 last night that I wanted. It's a T5 awd manual. 137k on the clock, had a fair bit done, brakes, dmf and clutch, a lot of service records showing 5-30w fully synth oil changes (I feel that's a bit thin for the miles personally), couple of springs and bushes etc. (And a lot of bulbs haha).

I bought it cheap being advertised as having a suspect head gasket failure. However my theory its more likely something else. I've been reading various posts about oil breathers, valve stem seals and turbo seals etc. Looking for advice on what to start removing and inspecting and such like by owners and enthusiasts as it's my first Volvo.

Symptoms and notes:
There's no water or oil mix, no noticeable oil loss at the moment, no overheating at all even after a good raz, just blue smoke when revved but not on start up or idle. And slightly lumpy (missing on one cylinder) when first started after a few days but goes after a few seconds (wet plug maybe or cylinder full of oil?).

No abnormal sounds, no particular lag (did find the air filter box was not clipped closed properly when I got back), no abnormal turbo noises. The smoke seemed to only blow occasionally with a little or a lot of heavy acceleration and other times nothing. No visible smoke on idle when hot or cold.

Im thinking more along the lines of valve stem seals, clogged oil breather system or something else oil related. I'll have the plugs out tomorrow to see if it's one or all cylinders burning, check the turbo and pipes for excess oil but what else should I check do you think?

There is also a feeling/sound of a loose component on the front, bumps feel harsh and clunky when hit. I know it's not the most refined car, it's done some miles and it's got a lot of mechanicals stuffed in the front but any known issues I can look for? Shocks, mounts, panels etc? (Though I think the belly pan is missing so I'll be seeking a replacement asap as that sump sits pretty low).

Many thanks and sorry for all the text, but hopefully it covers the most likely response questions.