The redline is there to say "don't rev me beyond this line" while driving. It doesn't take a genius to work out why, so over-revving an engine is obviously bad news. Doing it without a load can actually make it worse.

So, unless the burning oil is the preservative from the exhaust, you may have blown the engine as burning oil is usually worn rings, valve seals or HG.......

But it may be OK. Time will tell

Blue smoke is oil burning. How many miles on odometer? Likely oil being drawn thru worn valve guides.

New exhaust has an oily coating inside and out to keep it from rusting. And will lightly smoke for 10/15 min until burned off.................................

His car still runs fine.

Hi, I was tempted to rev up my friend's BMW 318i E36 so I could hear what it sounds like with the new exhaust he installed. I'm not a car fanatic, but I redlined the car and a lot of smoke started coming out from the exhaust. I think it was a bluish, whitish kind of smoke.