Timing advice
My 340 originally ran at 5* with points. More than that , it pinged like a bastard. With electronics, I know run it at 13* initial and 33* total not including vaccum. Most 'A' engines like around 32* to 36* total. Just keep increasing it until it starts to ping, (with vac plugged), then back off a bit.
The white smoke may be caused by a lean carb condition. To run the higher timing numbers, a lean carb will cause pinging also. The two really go hand in hand.
Since I removed the heat riser from my exhaust manifold, I now get that white smoke during warm up, but eventually goes away. I believe that happens because its lean until it warms up smooths out. Not quite sure on that though.
Jim