What does the smoke smell like? Like gas or very hot oil, or sweetish? Does it smoke heavily after you idle for several minutes, like at a red light after being warmed up?

I'd try to retorque the head bolts and do a radiator pressure test (you can rent the tester from autozone or advanced or several other parts houses).

Possibilities: Leaking injector, head gasket, valve stem seals. I'd tend to rule out rings due to good compression numbers. I've seen head gaskets leak without any indication on a compression test, but show up in a cylinder leakage test.

One more possibility. There is coolant in the throttle body, and sometimes they leak when cold and seal back up when warm.