[TR] Smoking TR3 after replacing Head Gasket

[Allan Reich]

I have just replaced a blown head gasket and now have a smoking TR3 !
There was lots of water in the oil, in fact it was totally emulsified!  
The oil was a creamy mixture when it came out. I drained the oil and 
replaced the spin-on filter.
After filling it with fresh oil, I started it up and there was lots of 
smoke .. it was not blue or too smelly.  After 1/2 hour of running, it 
was till smoking the same amount. The car is running as well as ever, 
with all cylinders contributing equal amounts when I do a "relative 
contribution check" by pulling off a single spark plug lead
I checked the dipstick and I did notice tiny bubbles (maybe three or 
four on the dip-stick) ... must be residue of water that was stuck in 
the pan and other hidden storage areas.
My questions to the group are:
- Do you think just changing the oil will fix things? 
- Is the tiny bit of water in the slipping by the oil rings? 
- Can I just run it and it will eventually burn/steam off?

Allan Reich - Vancouver
1960 TR3A - TS56713L (+O)