Pontiac Problems? Ask a Mechanic for Answers ASAP
The white smoke is definitely smoke and not water vapour (condensation) like all cars get in cold weather?
I would try another carb on their now, I can't see your problem being carburettor related.
Were the float levels correct? Were the floats not ruptured (fuel logged)? Were the needle and seats functioning correctly?
Ok, if the carb was flooding to the point of excessively rich and drowning the engine, it would have topped up the oil with fuel.
Now the fuel diluted oil is so thin, the rings can't control the oil, and so it burns.
If the carb seems correct now, can we change the oil, including correct level and reassess?
Your problem has occurred from a deteriorating fuel line after the fuel filter.
Any time a line is disturbed after the filter, you can also risk this scenario happening.
Happened to a mate of mine years ago, I knew what it was when he told me what he had done that day.
Ok, come back when you're ready.