'76 318 smoke...

So my car blows white smoke quite a bit when cold, but once warmed up the smoke is greatly reduced but is still present. Also, it stinks...

I thought at first maybe a head gasket, but oil and coolant are separate (no signs of crossing at all). Also, if it is burning oil, it is burning a VERY little amount, as I've driven on it for well over a month and just about a tank of gas so far, and there is no change on the dipstick... Literally not 1/32" difference. Also there is no noticeable change in coolant level either...

I've also noticed a faint knock, but it sounds more like an exhaust leak (block side of the manifold because it sounds like only one cylinder, perhaps like a blown mani gasket or something similar)...

Any thoughts? Last thing I need is for this car to blow up on me... :\


Thanks,
- CK