For one, if it was a a carb issue, it would be black smoke. Secondly, since it's coming out of only your drive side bank, you can assure the issue is over there.
It looks like water/coolant by the way it fades off. Oil burning kind of lingers in the air (and has a blue tint, hard to distinguish in the video though). What is more common than a head gasket (and much easier to fix), is a leaking intake gasket. Coolant will leak into the number 1 or 5 cylinders if the gasket fails. What intake do you have?
Checking your plugs will give you a better idea. If a plug looks like they're brand new, you can bet it's water in your cylinders, as it essentially steam cleans the plug. Also, look at your dipstick. If it's burning water, your oil will have this 'milkshake' color to it, as the blow-by has water vapor in it mixes with your oil.
My guess on the 'bump' your hearing is pretty common to a misfire (probably due to high water vapor in the cylinder mixture).
9in 31 spline 4.30 Winters Performance True Trac, 4r70w manual valve body and hardened gear set, 408w with 225 High Ports, FTI Solid Roller cam, Super Vic; Aluminum MMC driveshaft, 3" Exhaust.