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... ok.. you said your motor had 90 psi of compression? you have bad rings or a really bad headgasket (more than likely the rings)... maybe even a combination of both.
Burning oil = black/blue... burning water+antifreeze = white.
You say that it smokes when you let off the throttle... my guess is that it is rings.. because you are relying on the compression of the motor to slow it down....
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