The smoke is your valve stem seals leaking, and there is no other way to repair them, you have to replace them, you will see why when you remove them, they will be hard as rock.
Doing that is not a driveway job as it requires engine removal first, you will curse yourself if you try this inframe.
Its quite easy though, the entire powertrain drops out very easily on an e70, as long as you disconnect the rear driveline and have a hydraulic table setup.
The whole subframe carrying the engine, suspension, steering rack, diff and axles, brake rotors etc etc will drop out intact.
Once out, use an impact driver and a large shelving assortment to tear it down.