Nope, not done a test for hydrocarbons, but I'm pretty sure the smoke out of the back is oil, not water. What confirmed it for me was after the wet compression test, there was a lot more smoke out of the back as the engine burned off the oil in the bores, but the colour and smell of the smoke didn't change compared to what it was normally like.
I think the engine is well past its best like Danny says. Going to start looking at replacement options and put some money aside, though the car still runs okay for now despite being a bit smelly so no rush as long as I keep an eye on oil and water levels