The engine starts immediately so the compression seems good. Also, I have added 1L of oil to get to the midpoint on the dipstick so there is no more warning light.
I don't have a temp guage only an overheating indicator light, but it is not coming on (the lights work because they flash on when I stop the engine) and the engine is throwing out a fair amount of water (it's raw water cooled). Interestingly, the white smoke does not appear to be an issue going out when the outside temp is still quite warm (~ 18 degrees C). I ran it at the dock for a while today and it seemed to run cleanly. It is only when I'm coming back and it is cooler that is seems to be the problem... Um, as I write this it occurs to me that at this point in the year there is enough moisture in the Vancouver air at this time at night (7PM) for condensation to appear on the coachroof. Could it just be that the 'white smoke' is the heated exhaust interacting with the water vapour in the air? (If so, maybe that's a problem with being a new boat owner... you hear horror stories and then when something happens you assume the worst instead of just considering the obvious).