White smoke between shifts

I did a search and found that white smoke indicateds either a bad head gasket or cracked head.
Here are my specific symtoms:
-At idle there is no smoke.
-Under heavy revving there is white smoke but only when I let off the accelerator.
-Between shifts, under acceleration, there is a puff of white smoke as I let out on the accelerator to shift.
-The smoke does not smell like oil...not sure what it smells like.
-The motor runs great, good compression, doesn't burn oil, and the coolant level remains constant.
-I recently changed the plugs, dropped in a pertronix igntion, and installed a new fuel pump and filter and airfilter.

Thanks for the help guys.

 

Does the smoke smell like antifreeze?

 

I haven't noticed any anti-freeze smell from the smoke but then again I haven't gotten right in there and smelled it yet...I will tomorrow.
If it does smell of anti-freeze what kind of problem am I looking at?

 

are you sure its white smoke? sometimes its hard to determine if its white or light blue smoke specially on a bright sunny day. yes white smoke is related to coolant or water but the symtoms your saying sounds like oil to me. when you rev it hard or puffs out in between shifts, it sound like oil is loading up in the cylinders.

 

If you exhaust smell like anti-freeze your leaking fluid into into the cylinders. Could be head gasket, cracked head. Does it clear up as it warms up? If so, condensation escaping as the exhaust heats up..? Thinking of simple things first.

 

Could be a leaking intake manifold as well. That might explain why it does it between shifts. Under acceleration manifold vacumn drops, between shifts it pops back up, possibly sucking coolant from the intake into the cyclinders.

 

Ooops. Just noticed that you are running a 258. I don't know if that engine runs coolant through the intake like a lot of V6 and V8's do.