Last ditch question: why's my truck smoking?

I'm kind of at the end of my rope here, so I'm putting out a request for ideas.

My 86 B2000 drove great for a month or so after I bought it, then it started smoking in the morning when I'd start it. At first, it would only smoke some days, and the smoke would clear up after it got warm. Eventually, though, it started smoking continuously.

When you start it up from a cold engine, it runs for a few seconds, then the smoke starts to come in more and more. The smoke is quite thick and hangs around for a while. It looks pretty white, smells rather oily but I've never smelled burning coolant so I'm not sure what that would smell like. If I get the engine warmed up so it drops to a warm idle, it'll just put out a little bit of smoke, but if you give it throttle it comes billowing out in proportion to how much throttle you used.

Pulled the plugs, #1 looked wet/oily, the others just looked overly rich because it's spent a lot of time running with the choke on.

Compression is good on all 4 cylinders, 130-140psi each.

I don't see any oil in the coolant, and up until yesterday I didn't see any sign of water in the oil. Yesterday I found a little bit of white foam under the oil cap, but the dipstick looks good so it could possibly be just cold weather + short engine runtimes.

I replaced the valve stem seals because people seem to have a lot of trouble with those on these trucks. I also swapped out the PCV valve because it's cheap. Neither seemed to do much/anything, although I really did learn a hell of a lot swapping those stem seals.

Here's a video of the smoke: https://youtu.be/Usd1E-7y7cc

So, does anyone have any ideas? At this point I'm thinking it must be something with the head gasket, and rather than try and replace that in the wintertime I'll just sell the truck and cut my losses.

My B2200 in 2011 had 165 psi compression all around, and it smoked (183K). I had the head re-done and I installed new pistons and rings.

Does yours use oil ? If so, then oil is burning, getting into combustion chamber.

Oil control piston rings. When the smoke doesn't stop it is time for a rebuild.

Its a common problem with these engines. Replace the rings and you'll be good.

I don't know that I want to spend the time/money to replace the rings... it didn't pass smog even before it started smoking and I have no way of knowing it will after I spend however much it costs to do the rings. What's it usually cost?

In late 2011 I rebuilt my B2200 engine without actually removing the engine; had the head re-done by machine shop, added new NPR pistons and rings, and new connecting rod bearings. My out of pocket cost for that was about $700, took me a few days.