My truck has milky oil!

[SnS C10]

hey everyone. well, got my truck running a few days ago. put in the new radiator. new belts. new stainless exhaust with flowmasters. new msd wires and plugs. hei ignition. started right up and seems to run well. smokes a little excessive white smoke and smells real strong also. took for a drive for 5 min yesterday, good power, sounds great. few hours later i move the truck into the garage and on the ground is a spot. put my finger in it, and its very milky oil. check the dipstick and its milky as well. the spot on the ground is coming from the very bottom of the timing cover as there was milky oil between the two mating surfaces of the cover and block. pretty sure its a blown head gasket. question is, do i need to get that oil out of the engine asap? and why would it be leaking from the timing cover?