Cracked head would be my guess. Early in the days of my Ford rebuilding, I bought a non-running 4000 (800 later series) and noticed a crack in the head.
I went to a Ford restoration shop/dealer and had a conversation with a machinist while I was buying a rebuilt head. The guy said that that engine had cracked head problems and it was good business for him.
He would drill holes in the crack and drive in lead sticks, about the size of regular spaghetti adjacent to one another and fix it.
I bought one of his heads and had no further problems.
So, white is water/condensation/running cool and I'd just assume you had a cracked head.
If you pull the radiator cap and rev it up you would normally see bubbles in the tank if it were.
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