If someone already mentioned this, I missed it while reading the thread...
During the pistons stroke, it does not drop low enough in the cylinder to expose the rings. If it did, why do we need ring compressors? Clean her up, go for a ride! you will be fine. Does the white smoke happen every time you start? or just after sitting for a while? It's probably valve guide seals then if it does it every time. Not really a crisis, but you will want to take care of them at some point.