If it is cold (say less than 40f/5c or so) the exhaust smoke is normal.(it is really just steam) The exhaust on these cars is long, so condensation builds up inside and takes a while to evaporate. Change the valve cover gaskets to get rid of that oil pooling near the spark plugs, pooling oil can ruin spark plugs. Piston rings, valve guides and head gaskets are expensive things, but try the cheap things that are certainly failed (the valve cover gasket) first.