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03 750 ACE / Michigan
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The oil looking like that is a good sign, at least. Does it look like that from the crankcase? Because the white smoke could be a head gasket leak.
You (OP) talked about white smoke. To me that usually indicates coolant in the combustion chamber, which usually means a head gasket leak. That could explain the oil in the filter housing as well, if the compression leak is pressurizing the crankcase. I'd start with a compression check.

A head gasket is not necessarily catastophic, but it's no small project, either.
 
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