Here's a bit more on the subject:

Since the timing gear install, I've put about 20 miles on the car. In one instance, certainly long enough to get it up to running temp and keep it there.

At your suggestion, I ran the fuel line (at the carb) to a clear bottle. Not a trace of water.

This morning, I ran the car for a moment, then pulled the plugs. Steam, mostly from 3, a little from 2. Wet plugs - hard to tell who's the offender, but I'd bet on 3, then 2. I did these starts and stops a few times to be sure.

Still, 4 seems to be the least affected by pulling the plug wire when idling.

When all this began, during the timing gear diagnosis, George suggested I take a look into the cylinders. I did and they were black. I expected that as the car has been run rich. Now, the cylinders are shiny clean. The floor of my barn is not. Black crud and water from the tailpipe.

I did notice the "white smoke" today. Lots of it. (Took her out for a spin to get the temp up.)

After returning, there's steam and water build-up under the filler cap just like yesterday. Still feels like it's missing, sputtering, etc.

Still no signs of water or foam on the dipstick. No signs of oil in the radiator or bottle.

I don't seem to be missing any oil.