Great pics that resolve chain-stretch measurement technique off the crankshaft pulley once and for all.

Whats the mileage on the car and whats the nature of the smoke?? If its blue and stinks of unburnt diesel fuel then the problem could also be IP timing...... otherwise, try measuring oil consumption at speeds that never exceed 75- 80mph and it will drop off dramatically say, to healthier 1 qt per 1000 miles.

Aside from start up, another way to look for smoke is at night in sideview mirror when accelerating and going through the gears from standing start at traffic light.... the smoke will be illuminated by lights of the car behind you, same as cigarette smoke lighted up by desklamp in an otherwise darkened room.