I believe the stock FPR setting is around 47.. it might be 43... I forgot. :S But call it 47... 4 lbs extra should not make you smoke so terribly that it is THAT noticeable.
White smoke is usually coolant burning...
The coolant passages on the SR are right next to the cylinders, and the oil galleys are further towards the edges, so you can be burning coolant through the head gasket without it failing near any of the oil passages. Perform a leak down test on the coolant system and see if it holds pressure, if it doesnt, start pulling plugs and look for wet cylinders after the test. If there are none, then I would check your exhaust system, sometimes when a Cat goes bad it starts accumilating water in the exhaust and voila, white smoke after the motor warms up. Eventually it burns off, but sometimes it can take a while. Also, is the gas good? Or has it been sitting around for a while? Condensation in gasoline that has been sitting around a long time without a stabilizer can cause a smoking issue. All things are good to look into.
If the turbo is blown, and you cant see anything on the inlet side of the compressor housing as far as movement, it does not mean that the seals inside havent gone bad... so check your intercooler piping for excessive amounts of oil.
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