piston rings

i have a 2001 ford mustang GT and whenever you start the car and idle white smoke will constantly pour out the exhaust. the smoke smells like richly burning fuel. my friend told me the reason why smoke is pouring out is because of bad piston rings. upon doing research symptoms for bad piston rings is lowered performance burning oil faster and bad compression. my car experiences none of these. is the smoke just because of the fuel delivery upgrades and exhaust or is it something more serious?
 
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Do you have an ODB2 scanner? If you did you could monitor the O2 sensors to see if they are switching. You could also monitor sensors such as:
  • Fuel pressure
  • MAF flow
  • O2 sensor voltage bank 1 and 2
  • Long term fuel trim (LTFT) bank 1 and 2
What have you done to rule out an exhaust manifold leaks.

Is the fuel pressure rail pressure sensor (FRPS) intake vacuum reference line connected and leak free?

Have you upgraded the fuel injectors?

What are the results of a compression test?

Here's some information on an affordable Windows based unit.

ForScan ODB2 scanner w ELM327 USB