It sounds like valve stem seals to me.

Burning coolant will have a decidedly sweet smell to it, so taking a good whiff of the smoke coming out of your tailpipe might help you determine what is accompanying the air and fuel into your combustion chamber. Sniffing your tailpipe may not do much for your brain cells though...

95 Montero SR
3.8 MIVEC, Advance headers, 2 1/2" exhaust, Magnaflow muffler, OME shocks & rear springs, 2" body lift, 3" tank lift, 4.90s, TRE front locker, factory rear locker, Roger Brown Rock Sliderz, 315/75r16 (35") tires, Sport big brakes