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Low compression white smoke? Granted I'm late to your thread.....sounds like a hairline crack, not in head, but perhaps the thermostat housing...I just completed rebuilding my upper and lower engine while its all in the truck. found the crack on the lower water outlet housing, and the two front headbolts were a full turn loose....
valves were adjusted fine and the engine ran great to redline (often)..... then one day in late August....wham! overheated and boiled out my coolant, right near San Ramon/580 westbound. Just about all my coolant was gone from steaming out through front cylinder and the tiny crack... So good luck and check the torque on headbolts, since you have the valve cover off so often
BTW, hope to meetcha at Fort Point on Sunday to witness the Toolbox handoff