So... I have some thoughts, because my daughter has been going through this too. The first is, have you checked the oil? Make sure you don't have a milkshake consistency. Second, the smoke colors kind of work like this:
- Blue, is usually oil burning
- Grey, is usually too much fuel
- White, is usually coolant burning
So you're correct in your assessment. We have a similar problem with the 85 Fiero that my daughter has been rebuilding. It doesn't billow white smoke, but occasionally if we allow it to warm up, and then tap the throttle, it'll produce a cloud of white smoke. Driving around normally is not so bad, but when we're getting on it, it'll actually blow out coolant seals and stuff. So my fear is that there's a cracked cyl head.
A constant billowing of white smoke though, is almost assuredly a bad head gasket.
Frenchrafe posted a good response in this thread here:
https://www.fiero.nl/forum/...ML/148152-2.html#p61He used a product that sealed up his 3800 and he's still racing with it today. It might help, at least something worth trying before you put in the effort to remove the cyl head and recondition it.