I have white stuff on my plugs but not as rich as yours. Someone told me to check the timing. My compression was low until I poured oil in each cylinder. The compression improved. Unburnt gas was washing down on the cylinder walls causing poor compression caused by poor timing. The unburnt gas mixes with the oil and probably causes the oil to burn.

I'm about to pickup a timing light to check mine next week and put new plugs in and see what the difference is. My wires may need replacing too.

Your situation seems more extreme than mine since I don't get black soot on the bumper. What's your compression like?