03 750 ACE / Michigan
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.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.
A head gasket is not necessarily catastophic, but it's no small project, either.