Thx for the feedback all.
First of all when i bought it, it only had 13,000 miles. It had been sitting awhile in someones yard. Here's what i've done so far: changed the fuel pump, fuel filter, air filter, alternator, spark plugs, wires, distributor cap and rotor, belts, had all the fluids drained and replaced, except for the transmission and clutch oil. My idle seems a little high but when i take it down a notch, it's too low that it dies. I did suspect maybe there is a compression issue, I'll check that next, or maybe look into the carburator too.
I was thinking of doing the fast and dirty K-seal solution to eliminating the white smoke instead of tackling the head gasket right now, since i'm on the road. Has anyone tried this?