Golf IV R32 :: Bogged Down When Shifting From 1st To 2nd Around 2K - Poof Of Black Smoke Then White

Coming home, doing 50 or so in traffic. R has been feeling bogged down when shifting from 1st to 2nd and it would start around 2K. Felt like someone would tug on the R, holding it back. Driving along, don't hear a pop or loud sound, just a poof of blk smoke then a TON of white smoke.

I limp my way to a parking lot and let it sit. I call the wife as I'm 6 miles from home. I'm thinking blown head gasket or something else. I call Benji at NGP Racing and explain to him what happened. He said if it was the HG that there would be a milky look to the coolant. Checked and nope.

I start the R and let it idle and it seems fine. The wife gets there and follows me back home. Still feels bogged down as described above. At one point a huge plume of thick blk smoke comes out of the rear. she said enough that she couldnt see the R.

Last night I checked the oil, seemed low in the dim light. I know my fault. I put in 3 quarts. Looked at the exhaust tips and they are blk. I mean you can see oil down into the pipes. Noticed some oil had been leaking from the aftermarket oil cap that doesnt seal as good as the OEM I take it.

Info:
118K miles
Had been hearing some noises from the timing chains.
CAI
Unitronic NA+1 tune
Not raining