Thanks, everyone.
It does have a pcv valve, no other smog hardware. It does have front disc brakes with a booster, and power steering.
I assumed the smoke was coming out of the exhaust pipe, but I'm not sute. It has dual exhausts, and it seems to come from the right side (passenger side) but all I've ever seen is through the rearview mirror. It does put out a lot of smoke for a second or 2, I think too much to be from the engine compartment.