blowing smoke :(

I make plenty of power, but theres always a cloud of grey/white smoke when I take off.
It doesnt consume coolant or overheat (so not head gasket). It's oil being burned, but i cant for the life of me find where its coming into the combustion chamber.

Heres what I've tested so far on my carb'ed 5.0L with 70k original miles:
Compression test (cold): all cylinders measure above 150psi, most are 170-180
Leak down test: measured between 10% and 17% @ 100psi
I replaced the original umbrella seals. The intake side has the silicone seals with clasps to hold it down on the cylinder head. The exhaust is rubber with no clasp, which means the seals stay with the valve and rise as the valve closes.

From my tests, I'd guess my rings and valves are sealing adequately?
If the issue is from the valve seals (from me installing them improperly), then it seams that burning oil would happen as a result of the intake value opening and the vacuum pulling oil through the intake umbrella seal and valve guide. But the idea that oil would be coming through the exhaust valve (which is closed), seems unlikely.

As ideas?
It seems like I have to be missing something here. I'm just tired of farting out white smoke everytime I get agressive on the pedal.
 
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Hi,
Well, white'ish smoke is a classic coolant burning color. You stated it happens at "take-off". If it were blue'ish, I'd be thinking seals. But those Viton posi-seals are an excellent choice for the intakes.
Does it "go away" while cruising? Are you running a coolant recovery system? If you are, the coolant level will be maintained up to the lip of the rad cap sealing ring. How long has this condition lasted?
Have you performed a radiator pressure test with a "warm" engine (T/S is open) while looking for the needle to gradually drop? It is far easier to look for any coolant loss when given an observant point, such as, that cap sealing ring.
Hope helps in some way.
 
The color is somewhere in the grey/white/blue color. I know its oil because my oil level goes down and my coolant level does not. I Do not see much smoke during cruise.

My next step will be to try running exhaust seals with clasps to hold them on the cylinder heads.

Unless someone has a better suggestion?
 
The color is somewhere in the grey/white/blue color. I know its oil because my oil level goes down and my coolant level does not. I Do not see much smoke during cruise.

My next step will be to try running exhaust seals with clasps to hold them on the cylinder heads.

Unless someone has a better suggestion?

OK, ...
Thinking along the lines of oil burning. Since it appears, you're not leaving a smoky trail while cruising, this rules out ring issues per-Se. Accelerating away from a light leaving a trail is a classic indication of bad/worn seals. Your cold cranking compression numbers seem pretty good, even though this is not the best way to do a compression test. However, your cold compression numbers, should only improve with an increase in temperature.This would lead you back to re-visiting the valve seals and guides.
Good Luck!
 
The color is somewhere in the grey/white/blue color. I know its oil because my oil level goes down and my coolant level does not. I Do not see much smoke during cruise.

My next step will be to try running exhaust seals with clasps to hold them on the cylinder heads.

Unless someone has a better suggestion?

are you sure you're not just running rich? If your mustang is anything like most I see, it wouldn't be hard to believe that your oil loss is coming from leaks at stuff like the front/rear seals and oil pan gasket. Although looking into excessive blow-by might be a possiblity as well.