Hyundai Repair: 1991 Hyundai excel 1.5, rod bearings, hyundai excel

Question
car began smoking white gray smoke definitely not black out of the exhaust,did a compression test and number 1 cylinder had low compression, the car sat for one year,i started it up and lots of the same smoke the more i step on the gas the more smoke  comes out.I decided to replace the piston rings,the rod bearings,cleaned the head and replaced the valve seals, the same problem still exists.My question is could a bad exhaust system or a bad fuel system be the cause of the smoke,by the way I also visually inspected the block for cracks and found none.
any help would be appreciated,thank you.

Answer
this can be anything from a bad valve guide to a crack in the head or block i cant just say one thing with out seeing it but check an run a cyl leak down check an see if you get anything that way an presure the rad up an see what happens an the other thing is to have block an head checked for cracks