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Hi Eric, my name is Jason.
It sounds like the piston rings are worn out. When ever oil comes out of the breather what that means is there is to much compression and combustion pressure leaking past the piston rings, into the crankcase, and finally out of the breather. How many hours are on the engine? Do you have the means to compression test it?
If you are getting a lot of water in the oil then the head gasket can definitely be bad. In the shop we would do a compression test first just to see what it looks like, and then pull the head afterwards.
Do you have any further questions on the issue?
You never want to take anything apart that you don't have to, so I would do just the head gasket, and see what it looks like first when that is removed.