Do you have true dual exhaust? If so we are seeing that the problem lays on the passenger side bank of cylinders since that is where all the smoke comes from. Yes that is white smoke. That is what an engine looks like when it blows a head gasket and starts burning coolant and that is how they run sometimes as well. I am not saying it is that but you will know when you get a compression tester. It sounds just like my jeep when the head gasket blew. Compression tested it and sure enough had two cylinders with about 40psi. So definitely get a compression tester or borrow one and put it on there. Is any smoke coming out of the drivers side bank of cylinders? CaperKev gave good advice on adjusting the valves. In my personal opinion it is the best way, all be it the messiest way. You will have oil running everywhere. You can stuff some rags in here and there to slow it down. Have a fire extinguisher handy. I have first hand experience with oil hitting hot exhaust and starting a fire. It sucked. Water will make it worse so have a fire extinguisher.