Everyone, Thanks so much for the insights, I really appreciate your thoughts and help. Any further comments, advice and diagnosis are very welcome and sought after.

The smoke appears to be a grey. I would not classify the smoke as whitish or white. Does not smoke visibly at idle. You can certainly smell exhaust fumes though. Vast amounts of smoke upon take-off from a standing start. Also under load accelerating as fast as she is able, great amounts of smoke appear.

Getting on a freeway onramp, people back off behind me because of the smoke. Likewise at stop signs, then they pass as fast as they can and loudly say things about my parentage! Maintaining a speed there appears to be no smoke, but press on the pedal and I get plumes until the speed levels off.

I agree I may have a fuel problem also but I don't know what or how to check it. I do get about 27 mpg overall in city and commute driving. I have very easy engine starting & stopping and like I said have 400 psi on 3 cylinders and 380 on the other one per the mechanic who checked the car after I purchased it.

Because the smoke is not at idle I shyed away from a vacuum problem but I will check the intake areas like you said Jim. I think I would prefer a vacuum problem to a valve or ring or both problem! But how do you tell a vacuum from a valve from a ring problem?

I just got back from the mechanic who looked at my tranny, he said he would replace the tranny with a used one and install a new clutch kit and warrant the work for $825. I am temped to do this since the vibration and buzz really bugs me. But then I still have this infernal smoking problem! Depending on the time of day I waiver on selling my 240 without putting a dime into it and buying a new Honda! Other times I say let's fix all the problems in tranny, clutch, and rebuild the engine. Decisions, decsions!!!

The mechanic had a 1981 4 speed 240D (a twin of mine except mine is an 83) he said he would sell me for $2500 (too high), I don't want to buy it but in my test drive it was very easy to shift and NO buzz or vibration. At least I know what mine SHOULD sound and drive like. I also drove a 1985 Turbo 300D (wanted $3500 for it, again too much) with a few zillion miles on it but it ran smooth and MUCH more power and pickup than my 240.

Once again, any thoughts are appreciated.