I have an 89 Cat 30 with the Universal M25XP. I few years back after spending the winter re-building the entire cooling system; new raw water pump, every hose, boiled out the heat exchanger, thermostat and new housing, overheat alarms, etc. All this was done as PM, as the boat never overheated. Within weeks of splashing I started to experience the wispy white smoke you are experiencing. I contacted a mechanic and he tried to advance the fuel timing, but that did not work. At that point he suggested a re-build. I asked him if he wanted to perform the work, and he declined. he suggested I contact the local Catalina dealer to see who does his re-builds. When I contacted the master distributor of Universal in Marblehead MA, he requested to speak with me live. The first question he asked was if I had trouble starting the engine. When I replied it started every time like clockwork, he said I did not require a re-build. he stated the first indication of compression problems was poor starting. Now relieved, I asked what the next step would be. he then gave me a list of mechanics he had dealt with in LI. I called each, and none would make a service call, and all were too far to travel to. A few weeks latter the engine overheated, I made it back to the dock and checked everything I could think of. One more note, I always had what I thought was excellent water coming out of the transom. A dock mate suggested to check the raw water through-hull. I pulled the hose, and noticed a trickle of water. I then used a garden hose with a solid tip to back-flush the raw water inlet. There was definitly resistance, then suddenly it cleared. I attached the hose, and I never saw the white smoke again. Lesson, check all of the easy things first. In retrospect, I had either a mussel or clam living in my through-hull. I thought I had good water cooling the engine, and never overheated while experiencing the white smoke (one exception). I hope this helps.