Burning Coolant But Great Compression Numbers

It's a 1999 4runner with the 5vzfe, I just swapped in a used Japanese motor with 50k miles, the motor in question has great compression numbers (185-190 in all cylinders). I've had the engine running for probably a total of an hour on startup the motor doesn't dump smoke but after the car warms up and gets to operating temp, there's definitely a noticeable amount of smoke, it has a light blue hue and smells just like burning coolant. I just did a test for combustion gasses in the radiator and didn't get anything it was completely clear. I just assumed it was the head gasket, but with good compression numbers it's making me think about it. Is there anything else I should check before a head gasket?

 

Blue smoke is usually a indication of it burning oil, not coolant.

Do a leak down test of each cylinder, it's where you get the piston at top dead center and use compressed air in the cylinder along with a gauge to see if the air leaks down over a certain amount of time, check for "How to" on Youtube.

 

About the blue smoke, I have been looking out of my passenger side mirror and it turns out the mirror has a blue film on it making the smoke look blue. But there is definitely smoke and I now know it’s very white.
I’m planning on doing a leak down test this weekend, will let you know how it goes.

 

You could have different things going on.
Are you able to observe engine oil for quantity and color?
Are you able to observe tranny fluid level and color?
Is the water pump leak checked?
Does the cabin heater work perfectly?
Some States make a big deal about Cat Converters. I believe coolant and/or engine oil ruins the Cats.
If valve guide seals are letting oil into combustion chamber you will get smoke. But have good compression.
Coolant can leak into tranny thru the heat exchanger inside radiator.
Coolant can leak thru weep hole of water pump onto front of engine where heat will make it smell.
A worn out radiator cap can let vapors into engine compartment.
My 2 cents and hopefully add something useful to your investigation.
Good luck.

 

If this is a JDM you purchased commercially I'd take it back, because it will void the warranty to pull the heads. You may know that but just in case...

 

Just got done with the leak down test, all cylinders were 5% or less leakage at tdc. All fluids seem good and clear, I just opened up the timing belt cover and water pump looked great no visible leakage. Is there any colorant passages in the intake that could be letting water into the combustion chamber? Would a mixed heating line let water into the motor, the smoke is for sure coming out of the exhaust not anywhere else.