White smoke on 89 firebird, plz. help!!

Hi, I got an 89 firebird which smokes when I start it up. Its a white smoke and it smells like oil burning. I checked the oil to see if it mixes with coolant, but it was looking like normal oil. Also, when I had this car checked out the compression was great, no leaks, and a very strong machine in general. When it smokes the car does still run very smooth. With my check up my mechanic told me that it could possibly be a valve seal or valve seals letting oil in. I am burning oil, as the level will dropp after two weeks of driving, not bad but noticeable. The car also burns oil when I add more to it, and if I fill it up with oil it smokes when I drive, as soon as it gets to about 220 (my car runs this temp). I dont know what to think of it. The internet reasearch I did points to a more serious damage, such as head gasket and even a cracked block. I just find this very hard to believe since the machine runs very smooth with great compression.
I am baffled, please help I need an expert opinion.

see if you can smell it. if it is a sweet smell it is coolant being burned which isn't very good.

It aint a sweet smell, it smells almost like the oil that I put in it.

My 95 Formula started that last week, but it was coolant due to a blown head gasket. My oil looked normal too. I'm spending 5 g's on a rebuilt engine, rather than 2 g's on a valve job for my150,000 miles engine. Hope your luckier than I am.

I heard that your engine will combust if you have coolant in it, mainly because it takes away all the lubrication. Now, I have driven my car with smoke on start up for at least a month and my engine is working fine. I was told bad valve seals by three mechanics, but all I have been hearing on the net is water in the block. I am not sure of what to do, one of my good friends ( a mechanic) told me that it might be a little crack on the head gasket since the car works great, and it only smokes a littlebit. Plus can I still get coolant in the block by having bad valve seals?

"White Smoke" may just be steam -condensation in the exhaust may even drip out tail pipe.But
Pull the plugs out if it's head gsk leak 1 or 2 will be realy clean "Steam cleaned"

You could have a bad oil ring on piston-which has nothing to do with compression.

But if only on start up I would say
"valve seals"