Probably blown head gasket. The smoke/smell is probably burning anti freeze or plug(s) is/are fouled (w/coolant) pumping out raw gas. Especially if V6. That time frame lots of head gasket problems w/ V6 in 4R. Make sure to get Toyota head gaskets - any aftermarket gaskets might not work. Toyota developed a special gasket for that engine.
The leaking coolant can affect the spark plugs so they dont burn all the gas and it's expelled in the exhaust.
The coolant being expelled in the exhaust is prob causing the white smoke if it's voluminous and also occurs when engine is at operating temp, esp when under strong demand as in accelerating uphill.
Check you radiator & overflow jug for oil contaminating the coolant. And for coolant in the oil which usually turns it brownish & foamy. Check your engine oil dipstick.
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