White smoke from exhaust manifold

[Rommy]

When I give my Supra good warming up and drive it around, smoke starts to come out from inside the exhaust manifold cover; I don't know what it could be, but I doubt it's oil, it's not blue smoke. It's white, and smells a bit, but not super strong. I know my high-pressure power steering hose is leaking, could it be that? I don't know if it runs near the exhaust manifold though.

Also, I'm getting little to no power at like, 3500+ RPM. It goes all the way to redline then shifts no problem, but it's like there's no power. Is this normal on a N/A automatic?

Any ideas, guys?

Note, my engine does NOT overheat.