soundz like youa re off to a good start!!

valve adjustment and compression test are dam good ideas..
(you'll need a new valv cover gasket if you do the adjustment... also do the valves before the test!)
if the car is starting easily, it's a good sign as far as compression goes...

white smoke all the time? maybe coolant/water vapor from bad head gasket... keep your eye on this... watch for oil (black) or exhaust gasses (bubbles) in the coolant.. or water in your oil... feel for pressurized radiator hose before the car is started (not good)..

try to diagnose major problems before you spend too much money on the car!!

consider diesel purge (search forum archives) to clean/flush out the fuel system...

keep your eye on the fuel filters as they may clog with old fuel + sludge.. definitely consider replacing these...

check out the fuel tank for bacteria-related sludge and slime... perhaps a biobor treatment is in order...

watch hoses for brittleness/crackin and weeping/leaking of fuel fluids etc...

flush/refill fluid systems: coolant, brakes, trans, oil, diff, power steering...

if the car was sitting outside for a long while, check all the usual places door/trunk gaskets/seals for leaves/gunk/ water under the carpets/in the trunk... look around for rust trouble spots!

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Peugeot PX-10 fixed gear
Public Transportation