I have a 1992 MR2 turbo with about 230,000 kms. When you floor it, it pulls perfectly and pulls hard but if I floor it really hard then the next time I stop (at a set of lights or something) white smoke starts to pour out of the exhaust. When I just drive normally there is no smoke, it never smokes on idle either. 

Sounds like oil rings to me.  Could also be valve stem seals... Is it worst when cold?  but being 230kms, I would suggest oil rings.

Carmikey
Sounds like oil rings to me.  Could also be valve stem seals... Is it worst when cold?  but being 230kms, I would suggest oil rings.

From my observations it is the same whether cold or warmed up. Will I be okay to race at Sydney Dragway this Wednesday night and hammer it? I'm expecting lots of smoke after my runs!

PeteClarky

Carmikey
Sounds like oil rings to me.  Could also be valve stem seals... Is it worst when cold?  but being 230kms, I would suggest oil rings.

From my observations it is the same whether cold or warmed up. Will I be okay to race at Sydney Dragway this Wednesday night and hammer it? I'm expecting lots of smoke after my runs!

If its either of the two, it will only be using excessive engine oil (burning or passing oil in other words).  Progressively it will get worse, until you loose compression, then comes hard starting etc.

PeteClarky

Carmikey
Sounds like oil rings to me.  Could also be valve stem seals... Is it worst when cold?  but being 230kms, I would suggest oil rings.

From my observations it is the same whether cold or warmed up. Will I be okay to race at Sydney Dragway this Wednesday night and hammer it? I'm expecting lots of smoke after my runs!

Burnouts after you do your runs and not before :)