White smoke coming from engine?

Hi, I'm a very experienced mechanic, I just want some second thoughts on this. One of my project cars is a 79' cvcc honda accord. I just got the engine to turnover today, but there's… A looot of white smoke. But it usually dissappears after a while, unless you rev the engine, and the engine is also very noisy when idle, or in nuetral, but when shifted into first, it all goes away, (yes it is coming from the engine.) The smoke is a very white colour, I wouldnt say very blue… It has been cranked on ether before I know, the guy I bought it from did that, a lot. What do you guys think? I'm thinking there's too much gunk under the valve cover and the oil is fallin into the combustion chamber… The oil is a good bit darker, like a half yellow half brownish gray translucent colour. I'm just hoping I don't have to rebuild down to the head gasket.

Read more: White smoke coming from engine?