My first guess would be a blown head gasket. You said white smoke from the tailpipe, pressurized crank case spewing oil everywhere, etc. etc.
Sounds like a blown head gasket to me.
We'll see what the compression check says I guess.
I would say it sounds like what happend to my friends 10:1 turbo motor. 17+psi on a T25 racing a subaru. Once he let off his car started sounding like the subaru he raced. One of the pistons were toast.
I did have the exhaust seal go bad on my SC61 and it cause smoked to come out of my breather for some reason. I threw a header on the car and it stopped smoking and ran clean. I did compression test first before anything and the motor had solid numbers across the board. Good luck man.