mine diud the same thing. my oil cooler was bad it had oil in the coolent. as far as the white smoke goes mine does the same thing when it gets cold i wouldent sweat it.
if im not mistaken theres a guy up in urbana ohio that put a john deere 466 in a 86 ford 4x4 and pulls it. look on youtube his trucks name is just bucking around it pretty insane.
check for blowby with the engine off remove the oil filler cap. start the truck and place the cap upside down on the oil filler tube. if the cap gets blowed off its probably got too much blowby.