[FWDLK] Smoking 318 mystery

["larry gardinier" <gardinier@xxxxxxxxxxxxxx>]

 I am trying to get my 58 Savoy into driving condition. It has a rebuilt
318 Poly with a torque flight auto . My Problem is it smokes when it's
warmed up. It doesn't seem to overheat and I don't see any bubbling in
the radiator . The smoke is white or blue ( it's hard to tell) and isn't
bad when cold. I noticed that the water temp gauge goes up with the RPMs
but not too hot. I did a compression test, engine warmed up, spark plugs
out and the carb at full throttle. Starting on the even side- 2) 100#
4)100#  6)100#  8)95#
odd side- 1)95#  3)85#  5)85#  7)90#
after adding oil to the cylinders 1)95#  3)110#  5)100#  7)95#
The even side oil test was after about 1/2 hour after starting the
test.-2)95#  4)95#  6)92#  8)90#
 The former owner told me about the smoking and it was reflected in the
price of the car. He couldn't figure out what it was and didn't know the
guy that built the engine. We do know that the car has not been driven
since the motor was installed and therefor never broken in. I suspect
that that is why the compression is low ( unseated rings ) today I
changed the oil , no evidence of water. I should note that the smoke
doesn't really smell like oil, it's kind of musty. Does this sound like
the left side head gasket?
 Thanks for your theories, I hope I don't have to tear this whole motor
down.
 Larry Gardinier