As a point of information, defective valve guides and valve guide seals rarely produce serious smoke in Diesel engines. Without a throttle to restrict air flow during the intake stroke, Diesels create very little vacuum in the cylinder so they can't to suck much oil down the valve stem. Gasoline engines, on the other hand, typically idle with 30 inches of vacuum in the intake manifold and that can suck any available oil down the valve stem and into the cylinder.
Eric is right about stuck (or broken) rings. That would likely be the most difficult repair so hopefully that's not the problem here.
In Diesels, unburned fuel (which is, after all, oil) will produce blue-white smoke. If the fuel won't burn because it is poor quality or poorly atomized you'll get smoke. A defective injector (broken, wedged open, etc) or upstream fuel restriction can prevent proper atomization. Bad compression or a cold engine will also prevent complete combustion.
Black smoke is usually incompletely burned (as opposed to unburned) Diesel fuel where there was more fuel than air in the cylinder. The hydrogen burns off first leaving carbon (soot) in the exhaust. This produces a little more power than injecting less fuel (but poor economy) so you'll often see big trucks blow carbon when they demand max power.
Water (coolant) in the cylinders will also produce white smoke, which is mainly steam. Coolant (glycol) in the cylinders will cause damage.