Junkie.. Get a lght on that thing. You have no idea where the timing is set till you do. Many of us on here have timed hundreds of engines.. NONE of us think we can set the timing by ear. It'll do till you get home but that is all your ear can accomplish. PUT A LIGHT ON IT!
The smoke you THINK is white is prolly a thin grey.. Grey is oil. Oil comes from two places. The valve guides and the rings. Since you have a new engine I would first suspect the valve guides. Pulling the plugs and inspecting them is a first thing to do. If all the plugs look similiar then you prolly have leaky valve seals. However if ONE plug is screwed badly then you might have a ring problem.
Big JIm <img src="/forums/images/graemlins/pfft.gif" alt="" />