Megasquirt + EDIS in and idling solid as a rock, but not tuned yet.

I still have white/blue smoke after warmup.
Gradually increasing whisps appear after about 3 mins.
About 5 mins, I get a constant stream.

I'm thinking it's coolant related.
Perhaps the heads or intake was cracked on r&r or assy.

Any thoughts before I tear into it ?
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Some observations I've made:

Coolant level - Don't see a change in level, but I'm on ramps in the driveway.

Color - white or blue - definitely floats upward, not super billowy.
Doesn't smell, but I'm not running antifreeze either.

Vacuum test - doesn't act like bad rings - (on acc needle rises)

Compression 160-163 psi warm

Plug condition - sooty black, eventually foul

Tail pipe - droplets of black-ish water. Inside of tailpipe is creamy black - like makeup. After shut off, steamy whisps from tailpipe.

Megasquirt - after warmup, smoking started, reduced REQ_FUEL until engine was sputtering - essentially choked off fuel, still smoked.

No milky oil, tranny modulator ok.

Behaves same with no thermostat.

Water brownish - but that could be from my block.

Odd idea - I had the front cover off, could the oil bypass have gotten somehow mucked up ? Just a crazy idea...