Alright my 87 iroc-z Tpi 350 was driven yesterday and it had no smoke, but today it started smoking what i thought was light black smoke but after just driving it more it's definetly very light colered white smoke, and it's mostly faint untill at idle then it gets noticable. Im thinking i have water in the gas since it wont respond rite when im just cruising like half throttle then pin it, it just loses power and acts up, so im draining the gas threw my pressure gauge, but does this sound rite water mixed with the gas or head gasket leak.

 

Oh and it has no exhuast on it yet so its open atfter manifolds

 

i just drained out the 14 or so gallons, but does anyone have any thoughts of it being gas most likely since it didnt smoke the day before today and it sat in a closed garage at night.
EDIT:
Also the last 5 or 6 gallons didnt have a raw fuel smell it was faint, and the color was mostly clear from what i saw so it's gotta be gas.