hi guys ive just bought a civic vtec dohc from an auction i can see why it was in there now

basically driving it home the temp gauge didnt move someone has removed the thermostat it uses water and smokes alot when reved the oil isnt milky and theres no oil in the water, ive tested the headgasket with that fluid that changes colour its not showing anything! ive compresion tested the cylinders to and they are showing between 150 and 175 psi this is because im sure it should be more powerfull to dont no if this is connected. the smoke from the exhaust is a white colour, please help thank you.