THE OIL ON MY 93 V6 CHEVY CAMARO 174,000M IS MILKY WHITE. WHEN I START IT, AFTER A MINUTE OR SO IT STARTS TO THROW WHITE SMOKE OUT OF THE EXHAUST. IT STARTED TO DO THIS SINCE I REPLACED THE WATER PUMP. WHAT CAN BE WRONG?
I hate to be the bearer of bad news but what you have described is classic symptoms of a bad head gasket. I don't see where the water pump has anything to do with it unless now that the water is circulating the bad head gasket it showing itself.
Not sure if v-6 water pump has a way of leaking into oil, it sure sounds alot like a head gasket. Does your water keep going down in radiator? Does the motor seem weaker than it used to be? Run a little hotter than normal? All indications that is what you got.