Since you say that the smoke is most prevalent during deceleration (high manifold vacuum) the valve guides or seals would also be a good place to look. Worn seals or guides will also usually cause smoking upon starting the engine after sitting a while, like overnight, which then goes away after a couple of minutes. A bad sealing intake gasket should smoke pretty much all the time, but should also get worse under high vacuum conditions.
428 powered Fairmont drag car, Best ET:10.03@132.11MPH, best 60 ft: 1.29
59 Meteor 2 dr. sedan 332, Ford O Matic
74 F350 ramp truck 390 4speed
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