the smoke i saw looks just the way mine looks! I rebuilt my head and the same problem still ensued, so i think Daeron though of the oil control rings losing their tension is a strong probability. mine has great compression too but it still burns oil. when i pulled the head off i found oil on top of the valves both intake(not much) and exhaust( a lot more wet) I hope i have been helpful and I know Daeron has givin me some insight on this problen too. thanks D!
P.S. oil smoke has a light blue tint, water looks more white, and gas or fuel rich is black,and lean is a grey color