SOme white smoke on start up and hardish starting is not an entirely uncommon occouronce on those things when they get some hours or have poor injectors. If the smoke clears off in a few minutes I wouldn't get too concerned unless you've got a pile of money you need emptied from your wallet.
Other than that... if it's still losing water beyond the half gallon or so it's going to lose if you fill to the cap... take a very hard look at the weep hole on the water pump and all of the hoses, the rad AND the heater core if it's got a heater. It's got to be going somewhere...
If it's going into the combustion chamber... short of a crack into an intake port... it's going to push combustion gas into the coolant. If it's going into the oil you'll see it eventually... So if you don't see evidence of either of those two I'd say it's leaking externally somewhere and evaporating and you just don't see it yet.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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