I would go with Gibbo. If a valve was damaged to the point that it caused white smoke, it would normally be running unevenly. Presumably this is the 8 valve engine.
White smoke is caused by partially burnt fuel which in turn could be caused by low compression on one or more cylinder, which would also cause difficult starting. The only other possibility is a faulty injector but they are normally very reliable, I have never had one fail.
Still sounds like a timing issue but if its all checking out OK possibly a cam or crank sensor although normally it wont run at all in that case
Peter
Timing belt change now smoking
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Peter.N.
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