<VV> white smoke, valve train noise - need HELP!

[Ron Toll]

This is a request to the many of you experienced Corvair mechanics out 
there.  I need some help with my 65 Corsa 140.  Here's the symptoms.  On 
the right side of the engine, there is a strong valve tap noise that 
began as I was driving.  I have had a lazy lifter on that side but it 
always seems to pump up after a few minutes when the car has gone more 
than a week without being driven.  There is a substantial amount of 
white (not blue) smoke coming out of the right exhaust.  I ran a 
compression test on the car and collected the following data:

Cyl # 1 = 170 lbs
2 = 145
3 = 150
4 = 185
5 = 180
6 = 150.

With these compression numbers, I assume that the problem is not 
something like a broken ring, burned piston or dropped valve (I have 
heard the dropped valve noise years ago and will never forget it, this 
isn't that!!).

I dropped the right side muffler and removed the right valve cover.  
Nothing obviously wrong in the rocker box.  I did notice that one push 
rod had some end play in it (second one from rear of car).  I did not 
turn the engine to set TDC but I thought it might be unsual to have some 
lash in any push rod during any point in the engine cycle (am I all 
wrong here?).  I know that I will need to go in and adjust the valves 
following the procedure mentioned many times on the list (I will do the 
static method with engine off!!).  But before I go through that I was 
wondering about anything else that I might want to check.  Can a lifter 
just die?  If it is lifter issues, can you replace just one lifter or do 
you need to do both in that cylinder or all on that side?  Would a bad 
lifter account for the white smoke??  I assume that it would easily 
account for the tapping noise.

I would GREATLY appreciate any assistance to help me get my coupe back 
on the road.  My sixteen year old son is now with driver's license and 
he has some interest in this as well (Read: another generation of 
Corvair enthusiasts!)

After I get this addressed, I will be asking for some fuel pump recs 
(electric versus mechanical and if the former, which one and how to 
plumb - and some conversions to dual master cyl brakes with specific 
reference to how that is done in some the systems sold by the major 
vendors where there doesn't seem to be a proportioning valve built into 
the system) but first thing's first - get my Corsa back to full health!!

Many thanks!!

Ron
65 Corsa Coupe (with a smoking problem)
64 Spyder Coupe (wanting new push rod tube O-ring seals - but waiting 
its turn)