Ok took the car to the dealership (GASP) for a compression and leakdown test. Yes, i know, and I'm not gonna have them do any repairs, but 100 bucks for both tests was acceptable considering I can walk to the dealership. Anyway it passed the compression test with approx. 155 +- 5 on all cylinders. The leakdown test is going on as we speak, but the mech. there says the water pump is leaking, and that's probably what is producing the smoke. The leakdown will make sure the head-gasket is fine. Now, do I want to attempt the water pump myself, or do I just take it to a shop and tell them to change the timing belt and water pump and be done with it. I really don't wanna take my engine apart so soon after replacing the valve cover gaskets and installing phenolics (just a few days ago).