Just ran a compression test, first test: 180 on all, second 185 on all (I let the engine turn over a few more times on the second test). Seems pretty good.

Blew air into each cylinder at tdc and watched for bubbles or an increase in the cooling fluid level and couldn't see any.

I may buy a leak down tester. Any other things to consider before that?

The evidence so far:
-a ton of whitish or white/blueish (depending on who I ask) smoke on acceleration.
-good power
-good cylinder pressure
-no oil in the coolant or water in the oil
-car does not overheat
-no air being blown into the cooling system (using compressor)
-there seems to be oil seepage around the filler cap. At first I thought it was just excess spill, but it never seems to burn off, so I'm wondering if it's possible there's pressure under the valve cover, say from worn valve guides, that's pushing some oil out. Seal on the filler cap looks good, but always wet around there.
-Everyone agreed that the smoke hung in the air quite a while, which makes me think oil not coolant (unless anti-freeze hangs around like oil), maybe unburned oil drawn through the exhaust valve seals (would it draw it through under hard acceleration?).

Any thoughts?

Thanks!