White Exhaust Smoke on my 292

[thefatguy]

This one is making me slightly nuts, so I thought I'd check with the experts. I've got a 292 that sat a real long time before I started fiddling with it. I've now got it running, and not terribly bad, either, except for the extremely large volume of white smoke from the exhaust at all temperatures. It's practically a weather system of it's own, and I'm really getting worried about angering the neighbors, none of whom are Jr Gearheads like me.

I know that's usually indicative of a blown head gasket or cracked head, but I've done the following shade-tree checks:

1) The oil in the pan and on the filler cap is not "like a chocolate milk-shake." It's regular black oil, with no sign of water. My next plan is to drain it completely and see if it shows up in a larger sample.

2) I've let it idle up to a decent temperature, about 140-150. The smoke dies down somewhat, but if I mash it, here comes the white cloud. It is persistent, not really steam.

3) It is very sweet-smelling, almost gags me.

4) There are no bubbles in the radiator during idle -- a buddy said I would see a lot of bubbles, consistently, if I had a bad head or gasket. I'm not even leaking any water, even a little bit, anywhere.

5) The PO had it put up for almost a year, and I'm 99% sure he had it full of Sta-Bil. The fuel in the filter is dark pink, almost red, not clear like my 1978. Can Sta-Bil in enormous quantities cause this? If so, is there anyway to reduce it down to a more livable level or even neutralize it? I can go get another 5-gallon can of gas to try to dilute it, or dump in some Anti-Sta-Bil.

The bad news is I can't get this out on the road to try to do a more comprehensive test or burn up this freaking Karo syrup in the tank, as it's untitled and uninsured. That should be handled in about a month, but until then, I'd like to get this engine whipped into driving shape, if possible, in the carport.

Any ideas?