White smoke that lingers and floats = Oil
Lighter white smoke that dissipates rather quickly = water/coolant
Black smoke close to the tail pipe = fuel
If you have a really badly blown head gasket, lots of water out the tail pipe will make a very large steam cloud and you will smell the "sweetness" of the green type coolant.
Sounds most like worn valve guides/valve stem to me. Not a guarantee, but if the smoke starts upon start up and is mostly present during off-throttle conditions, such as coasting down a hill, then I would suspect the guides. A simple compression check will help understand the condition of the head gasket, rings, and valves.
Be sure to adjust your valves if you haven't done so already. Also make sure you have the proper heat range of spark plug.
The valve cover hold downs need to have all the right pieces installed. This will eventually cause oil leaks if left uncorrected. Get 9, 10 & 11 and install. Don't over tighten. Squeezing the rubber seal out of the cup is too tight. Tighten until you can't move the valve cover with hand and light force. This doesn't take much. PO would have had to use the washer to prevent 8 bottoming and for something to tighten against with the valve cover below.
HTH,
Mike