Ok, after looking the car over today more closely, there is definitely oil in the exhaust. There is a coolant leak too, which I believe is coming from the rear steam crossover. I'm probably going to pull the intake, and maybe just block off the rear steam crossover. Whatever the case, I am less concerned about the coolant leak as I think it is a nuisance.
The smoke is definitely being caused by oil. Its windy here today so the color is hard to see, but I took apart a portion of my bolt-together Y-Pipe, and oil started coming out from the joint, and was inside the pipe.
Here is my theory...I am running aftermarket valve covers. The driver side one has a nipple for the PCV hose, but it is not in the factory orientation so i cut the factory line and spliced it with rubber hose. It has a baffle inside, but in hind sight I don't think there is a valve in there. I think its just a direct line from inside the head, through the PCV nipple, and into the top of the intake. I pulled the hose off the intake and it had a lot of oil on it. I pulled it off the nipple, and oil dripped out from the end of the hose. I guess I'm not entirely certain how the PCV valve functions. I know I had one go bad and cause the engine to smoke several years ago, but my assumption was that it stuck closed, although now that I think about it that probably wouldn't cause smoking. At any rate, would a complete lack of a PCV valve cause the smoking I am seeing?