I need a second opinion before I tear it down again.

I rebuilt the top end on my

2003 Honda SH150 (KF04 Engine type).

It ran fine for about 110 km.

Then I found out it's making a thin white smoke in small bursts not all the time, and all the coolant hoses were swollen, the water pump to cylinder hose was the worst (it was also leaking). But still running just fine...

Important details:

I did NOT torque the head bolts. I tightened them by feel.

I have no thermostat, so it's an always-open loop and the fan runs constantly.

I ran plain water, no antifreeze. There's visible rust in the radiator neck.

I replaced the swollen hose and radiator cap over a week ago and the outside is dry now.

The coolant level still drops over days,

even when I don't ride it.

Cold engine, cap off: no geysering, and no bubbles when I fill 1L (More than it should before bleeding) and start it.

The level in the neck drops when I rev it.

Oil looks clean and not milky, as far as I can tell.

Smoke is thin and white. I haven't yet checked whether it clears when warm.

The uneven bolt tightening may have caused a head gasket failure or a warped head, and coolant may be slowly seeping into the cylinder. The lack of bubbles doesn't fit the classic combustion-gas-in-coolant pattern, though

Does this sound like a gasket or warped head, or could it be the coolant-passage O-rings or the water pump seal?

Or maybe I'm an idiot and it's just condensation

Anything else I should check before I pull the head?

Video attached. Thanks!