340 Duster oil looks milky

hi guys! I look forward to gaining knowledge here. I have a 72 Duster that I recently put a 69 model 340 in. The 340 is bored 30 over, 284/484 cam with minor porting on the X heads. I have experienced issues right out of the gate. It wouldn’t run at first, we figured out the cam timing was off so we fixed that and fired it up to realize the Holley carb was bad so we swapped on a Edelbrock 750 and fired it up after changing the gassy oil. It smoked a good bit the first start up. Didn’t let it run long because I didn’t fill completely with coolant, after getting the rest of the coolant filled I started it again to see after 5 minutes of running it started smoking from the headers/ exhaust pipe so I shut it off and checked the oil to see a white tent in the oil along with noticing steam coming out of carb and drivers side tail pipe. Pulled valve covers and can’t see any “milk”. I’m Hoping to get this resolved without any Major issues. Checked the oil again a couple days later and it doesn’t look near as bad as the other day. Will be doing compression and leak down test soon just looking for some insight in case anyone has had similar experiences. The first pic is right after shutting it off, the others was from a few days after

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