I still think a compression test will highlight or rule out a multitude of potential issues, but if that doesn't come up with anything, then I've got one WAG based on past experience. Let me tell you a story...
I once had a car that ran rich for several reasons. The bowl level was a little high (because I was too lazy to fix it), the jets were a size larger than stock (because I was a kid), and the accelerator pump linkage was a little too touchy and set off a burst of gas with too small of a pedal movement (because I wasn't smart enough to figure out how to fix it). Also, when I would park the car hot, it would percolate some fuel from the carbs and bubble a little over into the intake manifold.
During the hot summer months, every now and again it would make this big "whoosh" sound while cranking, and it would let out a big cloud of whitish smoke, and it would then smoke for a couple minutes until everything seemed to settle back out to normal.
Looking , back, I believe what was going on was that through the rich running and the percolation, I was mixing unburned gasoline in with my oil in the crankcase. This would actually create a volatile gaseous mix of air inside the crankcase, and if it reached the right mix of air to fuel, would spontaneously burn off as I was cranking the engine. And after an "event", it took a couple minutes to burn off the residue that got burped (vurped) into areas where it didn't belong (like into the crankcase ventilation system).
Like I said... WAG, but my question would be: What does your oil smell like, and when was the last time you changed it?