There are a number of different things that come to mind related to that smoke, but nothing common. In that era, (I have owned a real lot of early 1970's Chrysler products), one common problem was an exhaust passage under the carburetor got plugged with carbon, then the thermostatic spring for the automatic choke wouldn't heat up to open it. You'd get real heavy black smoke out of the tail pipe and the engine would have very low power. The clue was it would start right up and run fine for a few minutes.
White smoke from the tail pipe is an indication of burning engine coolant but that was never common on the 318 engines, especially in the 1970's. You still did not verify your car's year and model. The Acclaim never came with a 318, (5.2L) that you listed, but their engines could develop a leaking cylinder head gasket that would cause the white smoke.
For a 1973 model, I would start by removing the air filter cover and looking down through the center of the carburetor to see if raw fuel is pouring in when a helper is cranking the engine. If it is, the float is sticking. Fix that, then change the oil immediately once the engine is running because it will be full of that raw gas.
While looking down into the carburetor, watch for two small streams of gas squirting in when you move the throttle by hand. If you do not see any gas, a good suspect is a plugged pickup sock in the gas tank. I replaced that on two of my cars. Cost was around four bucks.
Check for steady spark too, first at the coil wire, then at one of the spark plug wires. If that is missing, there are a few common suspects. If there is no spark while cranking, watch for a single spark from the coil wire when the ignition switch is turned off. If you see that, the suspects are a failed ignition module and an open pickup coil inside the distributor.
Tuesday, July 12th, 2016 AT 9:38 PM