White smoke indicates a coolant leak into the cylinder. Normal culprits are head/intake gasket or a crack in either one. It doesn't necessarily have to be leaking into the oil. Was the block dry while it was stored?
I was referring to water in the coolant passages while it was being stored. If it only smokes when it's fully warmed (when the coolant system is fully pressurized) it may be a small leak. I'd do a pressure check on the cooling system.
My 200 I6 smokes a bit, light gray/white smoke. No coolant issues with it at all, but it does have bad valve seals. I put in 20-40 high mileage castrol with burn protection and ALL smoking went away. Might try it in yours until you can get it narrowed down.
valve seals usually stop smoking once all of the oil that seeped by while setting parked not running right? I know my dads chevy smokes like a train when he first starts it but stops smoking after a bit (valve seals are bad) the last ford I had that smoked white had a collapsed ring. the longer you let it run the more it would smoke. does your car smoke more and more as it runs? or does it stop after a while? if it continues to smoke I would bet the rings gave up on you
More thoughts, has the car you put the engine in been sitting a long time too? Maybe moisture got into the exhaust system and just hasen't had a chance to burn off. My car ( 250 ) will put out some white smoke ( steam ) when I first start it on cool or really humid days. That's perfectly normal. If it continues to smoke after a 20min drive or so, then I'd be concerned. Seriously, drive the car around for a bit! If the smoking is still there, then I'd check the modulator for leaking fluid and if not that, do some cooling system testing.
i checked the easy stuff like the pcv, no oily coolant, get gets worse the more it runs but then all of a sudden it will stop then go back to smoking.. guess im going to take the heads off this weekend and hope its that and not the rings
Yesterday after it stopped raining I went on a back road and held it to the floor did that about 3-4 times and nomore smoke not even whsen its cold and startup sooooo glad it stopped didnt want to pull no heads