Pressure
You really need oil pressure - or else....
My trick is to ground the lead from the sender to see if the gauge moves to full scale - then you know gauge is OK.
If you have Oil leaking from valve covers then you must have pressure as pump goes all the way to the cam lifter bay - so probably OK.
The valve covers need to be torqued down and RTV on each end at the joints.
BIG QUESTION STILL IS - does the engine run OK at idle with no throttle???
There can all sorts of reasons for smoke out tail pipe. White smoke is fuel - if you put your hand in the smoke is it wet or oily? Wet smoke is fuel. oily, well you know.. Oil leak in exhaust is dark and smelly. However its pretty hard to get oil in exhaust or burn oil unless rings were put in wrong or valuve seals are leaking bad.
You have been running engine for short while so not too likely for damage yet till you isolate the problem.
When I did my rebuild - there really wasn't much smoke at all after the first few minutes.
No oil pressure on gauge is suspect but oil leak around valve covers should mean oil is pumped all the way up there.
I guess you could pull the oil filter to see if its dry or not as a mind check. Easy enough to do.
I too - worried about the oil pressure gauge on start up - but it really should read some pressure after about 30 seconds.
DOES ENGINE IDLE OK ?????
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