Usually white smoke is water, indicating a blown head gasket. But it's hard
to tell if it's white or blueish sometimes, if it's just a short puff.
As another said, it's very likely worn valve seals or stems.
I think I would drive it as is & save up the cash for a good used 16 valve
engine - if you're looking for more HP. Just keep an eye on the oil level &
pressure, & temperature guage. (which you should do anyway :-)
~ Paul
aka "Tha Driver"

It's been so long since I've had sex, I can't remember who gets tied up.