I recently bought a 1973 450slc and it is smoking. I checked the valve seals and they were fine. Upon more inspection, I realized the smoke was a whitish color and smelled of raw gas. I replaced the wires and the baddly pitted rotor and distributor cap, checked points and they were fine. I don't have any idea as what esle could be going on. The car runs fine but smokes, Any suggestions would be greatly appreciated.

I also forgot to mention that I have replaced the pressure regulator also. Does anyone know what else I may need to check?