Need some advice. I went and looked at a bone stock 87 IROC 305/At car today. After about 2-3 minutes of idling, it starts to spew very light color, almost white smoke. The engine sounds fine and I pulled the dipstick before starting and the oil looks good.
Is this water related? Blown head gasket or cracked block?
I didn't pop the radiator cap before hand.
If anything, the exhaust pipes are oily looking. The owner said someone told him a modulator valve could be bad on the trans sucking oil in to the motor.

Any ideas?

 

BEWARE! But yes trans fluid can leak past the 'modulator' valve on the trans, and trans oil when sucked into the engine will burn white. Check the Trans fluid level vs. coolant levels. The lower level should give you a clue... BTW, if trans oil was burning in the cylinders everything should be looking nice and clean in there after removing the cylinder heads?

 

Would you happen to know where that vacuum connection is on the engine?

 

It'll probably be on the passenger side, towards the bottom of the carb...