[curtis73]

don't ever assume that recent work means that it can't be the problem. In fact, recent work is often an indicator of what's wrong. If you suddenly find yourself with a dead battery after you replaced the alternator, chances are its a bad alternator.

White smoke is burning coolant... period. If its blue-ish smoke its oil. Drive it and have a friend follow you with his windows open. If the smoke is steamy white and smells sweet, its coolant. If its blue-ish and smells like a chainsaw or other 2-stroke engine, its oil.

the most common cause of coolant leaks in a reconditioned engine is either improper cleaning of the deck surfaces making the head gasket leak, or a warped head that they thought they could get away with. It honestly sounds to me like the owner had it reconditioned for as cheap as possible, it started burning coolant, and now he's trying to unload it as fast as he can.

Run (don't walk) as fast as you can and find another car, or at least expect that you'll need a complete remanufacturing of the engine (or a replacement) and budget that into your purchase.

If in doubt, find a mechanic to drive it for you and have him check it out. I know you're excited about a rare car, but keep your wits about you. White smoke is a big deal.