This is most likely the case. OP under what conditions does the white smoke come out of the exhaust pipes? If when decelerating or sitting still idling (with the engine fully warmed up), then it is the valves seals or some where in the intake. If under hard acceleration and not when idling, then most likely it is rings/pistons/bores. The seals 'looking' good' does not mean they are sealing well. And being 15 years old, they can easily already be hardening up. I had the valve seals start leaking on a 1970 Ford 302 in 1974 and at 70k miles... only 4 years from the factory.