Recently I replaced the valve cover gasket on my 1966 Ford 4000. After letting it sit for 24 hours I started it to check the seal. It ran for 3-4 minutes warming up then suddenly the rpm dropped to 600 and white smoke started pouring out of the exhaust. It would not throttle up any. I changed the fuel filters, bled the fuel pump and the lines and there is good fuel flow all the way. After all that it revs up, slowly, to only 1000 rpm and the white smoke is still heavy. There are no bubbles in the coolant when running. I had changed the oil and filter when replacing the valve cover gasket and it has run, stationary, no more than 20 minutes since but the oil is already dark. What can the problem be ?