Does not sound ideal, you are getting a fair increase in your wet test, but how much oil are you using for the test, should only use around a couple of good squirts from a oil can per pot ..
I would stay off the synthetic oil for the moment too & after you have changed the oil i would give it quite a few good hard loaded up runs
I have seen white smoke from a Auto trans modulator valve failure, it will suck up the Auto fliuid along the vacuum line, not sure if your box has one though ? ..
Do all the spark plugs look the same, or are some looking oily, is there any oil in the turbo intercooler pipes may even pay to drop the dump pipe too & have a look there ..
Good luck ..
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