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Smoke (or steam?) from under the hood or from the pipes?

I had a similar prob, turned out to be a tiny split in a heater hose that spewed under acceleration only...weird!

Check those hoses for leaks!
 

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I'm experiencing a bitchin' leak kinda like yours.. At freeway speeds for extended periods of time, a little bit of oil will seep from one valve cover bolt and be flung by the fan onto the header and burn off - It smells funny, not really like oil or like antifreeze, but it might be something like that.

Jus another idea...
 
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