[XLCOR_65]

My initial response is yes because a vacuum leak can suck oil depending on where it is... But....white smoke is usually indicative of coolant, and oil burned by a vacuum leak would be a blueish gray. (I will be the first to say though that it can be hard to differentiate the two sometimes and condensation can cause temporary white smoke)

Is the smoke coming out of your exhaust or are you seeing random puffs of smoke under the hood? Sorry if you stated that, I could have read over it.

Do you run a PCV valve? Any vacuum lines at all? Do you notice a higher than normal idle or loss of power? A good test for a vacuum leak is to get some carb cleaner and lightly spray around the intake, carb base, etc while the truck is running and see if you get a temporary rise in idle.

Also, check your carb. If you have one that has vacuum ports that you have plugged, make sure they are still plugged. A good backfire can shoot those things off and leave you scratching your head if you forget to look there.

Just a few ideas.