K, I think its the hg but am hoping its not rings too

My coolant will rise and fall as I rev the engine and a few bubbles come up once in a while. I actually dont see any smoke out the pipe right now. Just a little after startup and then thats it. It is steam though, I know cuz it creates condensation when u hold something close to it.
Right now I plan on just doing the hg then if I still get smoke, run 30w.
Wouldnt a leaking hg let coolant AND oil in the engine? Rings shouldnt go at228K.