So, here's an interesting update from PACNWMR2011.
Got the car out on the track with some super sticky R-comp tires. Did 3 uneventful runs on the track and pulled into the staging lanes. After a couple of cars went out I jumped into mine and started it up to move it forward. As I started it, I got a big cloud of white smoke out the back of the car and turned it off. I opened the engine lid and several of us took a look around. There was nothing to see, so I started it up again, this time with very minimal smoke. Given the history of the old V6's known for oil starvation under high G-loads, I decided that the quickest and easiest solution would be to over fill the car with oil.
So I start it up again (without smoke) and off I go to the gas station. I drive slowly out to the main road and then get on the power to get up to speed. I get a small puff of smoke between second & third, and then it's fine. I run it up and down the gears, and up and down the rev range, and I don't get any smoke. I add a quart of oil, and head back to the track. Again, up and down the gears, up and down the revs, no problems, no smoke.
I met up with Tracy from Lithia and he asks to go for a ride, so I oblige. We head out on the track and things are going well for the first 2 laps, and on the third lap after ripping through the twisty bits and on to the straight, I get a big cloud of smoke. So I back off and slowly head back to the parking lot. Again, there are no strange noises but it's obvious that there is smoking coming from the exhaust tips. I fired it up once in a while through the day and I would get a small amount of smoke, and it's less each time. Mid afternoon I decide to take it for a rip out on the road and see what happens. So, out I go, up and down the gears & revs, and everything is fine, no smoke.
Anyways, here's a photo Duncan took from the track where the smoke out the back is not from the exhaust, but from my over exuberance!