You can check to see if you have the problem by removing the valve cover as above post. Here is a link I have which shows the sludge removal on 2001 Camry with the
1MZ-FE 3.0L V6. It is fairly involved since you need to pull the heads to do it correctly. Some techs suggest replacing both valve covers and the PCV valve with new design revisions to help prevent the sludge formation. One key item is to clean the oil pump pickup screen to prevent oil starvation.
The smoke could be caused by bad valve guides/seals or could be the sludge that is compacted and pushed into the combustion chamber by the bucket lifters.
http://www.tegger.com/hondafaq/sludg...ng_sludge.html
There is another method of sludge removal by doing a series of oil changes one after another to try to remove the sludge that is blocking the oil passages and pickup. I don't know how well it works, but it is not going to remove all of it. What you are trying to do is clean the oil passages. I would be careful about using an engine flush to remove the sludge. If you remove too much sludge and block the oil pickup your engine will be trashed.