you wont notice a drop in the oil level for a long time, doesnt have to be much oil getting past the rings to cause smoke.
First change the fuel filter. unhook the pink wire from the top of the injector pump, then open the bleeder (black plastic screw on the top of the filter housing) install the new filter, then crank until you get a solid stream of fuel and close off the bleeder. (only crank for 10sec at a time and allow 1minute for the starter to cool down.) then reconnect the pink wire and start the truck, there might be some air still trapped in the line, so the truck may surge for a little bit till all the air is worked out.
Also replace the CDR valve, its the gold colored hockey puck on the passenger side of the engine. Its probably clogged.