Certainly an indication of oil being burned, but until you know whether it's top end or lower end, don't get too rattled.
Have you done a compression check yet? A leak down test? Are the valves adjusted properly? How badly does the engine smoke at WOT?
If it is only the top end, you could get a second head that is either good-to-go and run it while you rebuild yours, or vice-versa. If the amount of oil being burned is not so significant, then run the bike, top the oil regularly and rebuild over winter. As you remove the head during a rebuild, you'll undoubtedly go farther into the engine anyway.