engine problems...

[My_Teal_V6]

Okay, I have a 94, 3.4L. 74,000 + miles on it.
My water pump squeels intermittently, my temp does not over heat, my oil pressure is good, all fluid levels are where they should be.
When I'm driving extended periods of time the car feels like it is losing power. I press on the pedal and it seems like its slow to excelerate. My inline fuel filter was replaced in october as well as my clutch and pressure plate.
I have a CAI and the one vaccume hose that attached to the OEM intake system is not attached because the pipe had no attachment opening for it. I have yet to drill one for it.
It blows white smoke in the morning or at start up when its cold like most cars and then stops when driving. There are no oil leaks, my coolant has no oil in it and the oil has no coolant in it.
This is blowing my mind, I dont want to get rid of it I love my camaro.
I plan on replacing the WP, tensioner, belt, plug wires and plugs. Would this help. I am at a loss here and don't want to spend the money for some mechanic to tell me nothing is wrong or we cant find anything. The car throws no SES light.
People on other boards seem to think it is my WP causing a lag in performance.
EDIT: tonight it was making a tapping sound???? my oil level is good.

[Camaro Dom]

ruh roh! tapping sounds mean one of two things usually... 1. exhaust leak at the exhaust manifold (like mine, but that should either stop or get quieter with driving) or 2. worn rocker arms. as far as the wp goes, i guess its due anyways so try it and then see. wish i could tell you more, but my damn thing does the same thing too.

[My_Teal_V6]

Thanks for the help....It does get quieter with speed increase as far as I can tell.
If i had the money I'd pull the engine and rebuild it.

[Camaro Dom]

haha wouldnt we all?

[My_Teal_V6]

Okay, had a mechanic take a look at the car. he said the engine is good and it is more likley that my cat. is clogged. So next week I will be having the exhaust replaced. Open cat to 2.5" to FM 80 series (or what ever you guys think is best for the 3.4)to duel 3" chrome tips....
So thanks for all the help....I will probably replace my push rods and rockers at some point in the near future.