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hard to say. i can tell you, though, that when my oil separator failed, the lifters would tick after running hard. basically, the oil can foam a bit and the lifters sag, creating excessive valve clearance. i replaced the oil separator, changed the oil, and have not had any problems.
on another note, if the smoke was BRIGHT white, it could have been coolant. the overflow tank and overflow tube are on the passenger side by the rear wheel. it's possible that it kacked some coolant onto your exhaust.
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