Catalytic converters convert NOX & Hydrocarbons into CO2 & WATER. A blown HG is not going to allow the piston to suck up enough water to notice it shooting out your tailpipe. It will burn up and steam out... gets pretty hot in there.
If you have milkshakey oil, then you have a blown HG. If you have water coming out your tailpipe, it only means that your car was made after 1974.
If your motor is burning oil, could be rings. But at 90K I doubt it. If your valvecover leaks oil onto the exhaust manifold, it could seap in through the gasket and burn out the tailpipe. Happened with my L48 motor. Does the smoke go away once it's up to operating temp?
Replace your cam sensor with a new one before you try to diagnose the misfire. Those are easy to replace.
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I <3 forced induction.
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