I don't have experience with this particular year of Camaro, but the first thing I used to do when I was worried about a cracked head on my '68 was to unscrew the oil cap on the valve cover and run my finger inside. If there was a whitish foam (kind of like you were looking for on the dipstick), I'd go gnaw on my finger and weep for awhile and consider a possible cracked head.
Best case scenario...check for leakage on various hoses. Sometimes this can be as simple a fix as tightening a hose clamp. Fluid dripping on hot surfaces can cause white steam/smoke.
There can be any number of odd reasons causing the problem, as you probably well know, judging by the excellent detail in your question. Good luck!
Source(s):
Former life as a "grease monkey."


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