The v8s almost never blow white smoke due to coolant problems. Its almost always is oil burning due to valve seal problems. The O2 sensor can't make a properly set up car run rich enough to smoke and if it did it would be black. Huge amounts of fuel can smke blue but won't run on those cylinders.

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Steve Brotherton
Continental Imports
Gainesville FL
Bosch Master, ASE Master, L1
33 years MB technician