white smoke....and its not the tires

[Phillyfanfrombirth]

I think he meant the valve cover bolt holes...

My guess would be that you are either not using washers... or something is twisted... Get out the smurf guts and coat each side of the gaskets... that should solve it.

As far as the black on the exhaust... you are running rich. This could be a number of things, but most likely it is your carb adjustments... or you are running too much carb to begin with. An upgrade at the plug might take care of a lot of that, if it doesn't or if you already have premium plugs in there... be sure to double check your ignition timing and your carb tuning.