went out today and got me a compression tester to try and figure out my smoke problem. the #'s went like this
#1 240
#2 240
#3 235
#4 245
i was impressed by these #'s so doubting myself i went ahead and repeated this process on every cylinder atleast 3-4 times and i got either the same result or very near it.

 

You could have a bad valve guide seal,which would cause smoke but would not affect compression.

 

are you running a chipped P28 ecu? cuz the infamous mugen program is known to puff some smoke out due to major fuel dumpage...

 

i am running a chipped ecu with the mugen program but the smoke is not black from being rich, the smoke is more of a whitish color, i will say that my first engine had the same problem, but then again i was using the same ecu. Its not normal for these engines that come from japan to have these kinds of problems yet due to the low mileage they bring. i used a freinds ecu for one daybut i dont remember it smoking now. It was also a chipped ecu but it had a smaller housing than the p28.
this could be my problem but where is the oil going ? that's the white smoke im seeing

 

First off, the JDM exporters routinely lie about the mileage on their engines. Thus, you may have a lot more miles on it than you think.

Second, white smoke is usually associated with water vapor, not oil. Burning oil usually has a bluish tint. On the other hand, your compression numbers suggest you don't have a blown head gasket or something like that.

Do you still get the smoke after the engine warms up, or only after startup and during warmup?

 

As far as the miles are concerned i know what my engine had because the cluster was still on the front end when i pulled the engine.
The car is consuming oil and the radiator fluid is perfect. ive checked it for oil and its perfect looks like new.same as the oil , it has no radiator fluid in it.as far ad the color it is a whitish color that puffs around when decelerating. It usually smokes when im getting ready to stop at a light, but it does not smoke during normal driving
it smoke when the car is cold or warm it doesnt really matter.
the car tends to blow a darker smoke if i get on the gas because of the mugen program dumping all the fuel.

 

When you decelerate, the throttle is closed and you are pulling high vacuum in the engine. Thus, if you have any leakage (such as valve stem seals, piston oil rings), this is when it will get sucked up.

If you have a low mileage engine, you shouldn't be having oil leakage problems. For now, I would just wait and see how much oil the engine is using. If it takes at least 1000 miles to go through a quart, I wouldn't worry about it. Just make sure you don't let the engine get low on oil.

 

Just a possibility but doesnt the IM have a coolant passage? If during deceleration the IM has a teeny hairline crack in the water jacket, the vacuum may suck it into the IM and into the combustion chamber? Just a thought, hope you figure it out.

 

Your rings could be worn but the oil thats leaking is helping the compresion numbers. The oil is actaully making a better seal.

 

checked your PCV valve?

 

i go for valve steam seals.

do this, find a hill and go downhill while the engine is breaking the car, not throtle for at least 10-20 seconds, then smash on the throtle and look behind, if you see a cloud, then yes, is he seals, if not, rings or some other problem.

Make sure the smoke you see is bluish tint like already sugested.