It sounds to me like you will need some major repairs. From your description, there are some oil consumption issues, but what would concern me is the white smoke, which indicates a coolant problem. Left untreated, this can lead to a hydrostatic lock, which can be very damaging to engine components. I&#039;d have to see the engine to be sure, but from what you tell, that is what my opinion would be. As far as the over/under, any repair is major, and it will require a repair. I would have to agree with Frank.