The white smoke is normal on these machines and most boats. The hot exhaust gas is cooled by injecting water into the exhaust system which naturally produces steam or the 'white smoke' you see. This should only be coming out of the exhaust port at the back of the ski near the jet pump, but NOT from the jet pump itself. When you run it out of the water and see this smoke do you have the hose hooked up and turn one? If not, the exhaust system can heat up very quickly and vaporize any remaining water in the system which could come out as steam from the flush port around the jet pump. This is not good and you should not run it out of water without the hose hooked up, you will fry the machine in no time.
As for the oil disappearing, I have no idea. It is going somewhere and cannot be burned off that fast from worn cylinders or rings. If it was a bad head gasket, more likely that the oil level would increase and be contaminated with coolant rather than the other way around. Check your compression if you suspect a bad head gasket or cylinder problems. As long as you are using the correct oil weight recommended by seadoo, it cannot be the oil's fault.
You said the ski takes forever to pick up speed. What exactly is happening? Does the motor rev up to full and the boat goes nowhere, or does the engine struggle to reach full rpm? If the motor revs up but no go, then you have a problem with the jet pump or something else in the propulsion system. If the motor struggles to reach full rpm, then it is an engine running problem and likely your SC. Speaking of which, if you have the original SC washers (ceramic ones) get them out now. You are way overdue and they may have already exploded which may explain your engine troubles.
Good luck and let us know how the diagnosis goes...