Well this might be a sucker question but I'll step forward. Sounds to me a lot like part of the problem is leaking valve guides that drip oil, causing the white smoke on start up. Valve guides won't cause low compression, but are symptomatic of metal wear and could relate to the other culprit. Valve adjustment could also be bad or the valves or seats could be bad, causing low compression. Exhaust valves could be bad venting exhaust into the engine compartment through one of the vents. She starts well, which is good, and this doesn't correlate with having bad valves, but hey, I'd be checking valve adjustment anyway because it's so darn easy and so often the problem.
There's a stab for someone to laugh at.
Bainbridge Island, WA
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