PURPLEMUSTANG, I don't want to mis-lead you, but in my setup, occasional white smoke is normal, since I'm venting the crankcase to the atmosphere and don't have an evacuation pump on it yet. It only does it after some hard driving under full boost, when the crankcase gets a little pressurized. I've got more clearance between my forged pistons and cylinder walls than the stock engine.
If your's does it ALL the time, then it could indicate other problems like Scottbeer had noted. These could include rings not seated properly, worn rings or even cracked or broken. The question is, how often does it do it and when? If it is usually after hard driving, then I would think you don't have a problem, other than a small amount of blow-by due to the supercharging.
If you haven't done so, I'd go get a compression tester from the local auto parts store. They are around $25 or so. I have a short write-up that may help, found under the tech docs section of the SVTTexas club website
. As Scottbeer had noted, a leak down test may also be in order.
As part of my regular maintenance and inspection routine, I compression test my engine two to three times a year at a minimum, recording the results. Gives me a good baseline for monitoring my rebuilt engine as it ages.
I'm not as familiar with the pre 98 setup, so maybe someone could chime in that has more experience with that application. However, the rich condition sounds more like a tuning adjustment (fuel pressure), faulty O2 sensor reading or it could be as simple as a dirty air filter. How long has it been since you've cleaned it (assuming you have a K&N air) or replaced your filter? As far as your O2 sensors, I didn't see any ET's in your sig, so I'm assuming you don't take it to the track and therefore probably never made the mistake of running leaded race gas in your setup (which is bad for the stock O2 sensors). In which case, those are probably OK.