[Jason.MZW20]

Toyota addressed the smoke on startup issue by updating the valve stem seals of the 5SFE and your motor has the updated seals. Sometimes the oil burning can look fairly white but usually has a blue tint if there's quite a bit of oil pooled in the combustion chamber. We in the MR2 world refer to it as smoke screen. It's usually a mix of oil burning and condensation (which can give it a whitish smokey appearance). That usually only occurs when the vehicle has been sitting for a long period of time and the oil seeps past the stem seals. The seals typically harden after 100k miles. It was true for my 1991 MR2, and it's true for my mom's 2000 5SFE Camry. Once the Camry hit 100k miles, it smoked on startup, but only very slightly. If there's a bit of condensation, it's blue and white smoke since the oil and water mixed.

A head gasket leak usually makes the exhaust smell sweet, and will cause steam to exit the exhaust more than just on startup. If it's really bad, it'll, of course, mix with the oil and lend a chocolate milk appearance, which the OP did not mention.

2001+ Camrys have MLS head gaskets, and I recommend anyone doing a head gasket change to use the updated MLS gasket. Just remember to have your head and block properly surfaced to remove the gunk from the old paper gasket.