'76 318 smoke...

thepaintguy said
You just made me think of one other thing: A bad vaccuum modulator can weep transmission fluid allowing the trans fluid to be sucked up into the engines intake causing a whitish gray smoke.

TF trans do not have vacuum modulators.

ceekay said
I sorta figured it was more a problem with the transmission (needing a rebuild or at the very least a flush or something to make it more responsive), since I really have to play with the brakes in order to get it to brake stand, and half the time I just give up and try to find different pavement... Now I'm REALLY tempted to cut the y-pipe out!

- CK

The symtoms you describe about the smoke has nothing to do with the trans.

thepaintguy said
One possibility you wont want to hear: You may have a microscopic crack in a cylinder or a head.
When the engine warms up the expansion of the metal may be enough to partially reseal itself. White smoke is coolant, nasty smell is coolant.
Next time the engine is cold remove the radiator cap and bring the engine up to normal operating temperature. Watch the coolant for a very fine bubble or foam.
Check each sparkplug for color variance. Clean/light tan shows optimum performance.
Hope this helps you solve your problem.

It would be overheating if this was the case.

It's burning oil from engine wear and very likely hardening seals, and I wouldn't put a buck on the valve guide seals solving it. (Although I am sure it would be part of it.)
As stated above, do a compression test and it will answer your questions.

Also we have to take into account that one mans white smoke is another man blue.
If it smells like burning oil, then theres a darn good chance that it IS oil.