TVIS was only used on bigport engines. So if you have TVIS then it is very likely a bigport head (Apparently you can bolt up a bigport intake manifold to a smallport head, but the ports really don't line up and the seal would be borderline).
The oil burning sounds like valve stems. Maybe turbo seals, but I thought that was more often seen getting off the throttle at high RPM.
Using the FWD water stuff is fine and usually easier as they are much more available (plus you have it all to start with). Personally I'd just replace the dodgy Frankenstein hose with a neater 1 or 2 part hose. The RWD stuff will work too, but is harder to find and often expensive.
Cam covers venting straight to atmosphere is a bit dodgy, at least get a catch can in there. Dipstick popping out can point to high crankcase pressure, meaning either blocked breathers (not likely if it is straight to atmosphere) or possibly an engine in need of new rings. It's reasonably simple to add bigger breathers to the cam covers, and this may be worth a try before anything major.